The company founded and owned by the disgraced businessman popularly known as Jacob the Jeweler is suing Wyclef Jean for more than $300,000 allegedly owed by the artist for watches and jewelry he bought.

New York businessman Jacob Arabo may have been sentenced to 2 ½ years in jail last month for lying to federal investigators probing a drug ring but business goes on as usual.

Jacob and Company Incorporated filed papers Tuesday in Manhattan Supreme Court saying that former Fugees singer Wyclef Jean acquired several items between March 2002 and January 2006 amounting to $765,100.

He did not cover the complete sum however, owing the company $319,680, despite “repeated demands for payment,” as quoted by the New York Daily News.

Among the luxury items Wyclef Jean bought are a $225,000 Chopard watch, 4.85-carat diamond stud earrings that cost $30,000 and a $12,000 diamond Jesus head.

Arabo, known as the King of Bling in the hip-hop word, has bejeweled stars such as Jay-Z, Kanye West, 50 Cent, Madonna, Elton John, Sean Diddy Combs and Eva Longoria.

Contacted by e-mail, Wyclef Jean’s representatives did not immediately respond.

The rap star has lately been very involved in helping his impoverished native country Haiti through his foundation, Yéle Haiti. He has raised million of dollars used for providing food, creating jobs and supporting local agriculture.

In May, he launched an initiative named “Together for Haiti,” which is backed by the World Food Program, the Pan American Development Foundation and Yéle Haiti.

He described the charitable project on his website as an “emergency allegiance for food crisis relief.”