Ralph Esmerian Is Going to Jail

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Ralph Esmerian, the Manhattan "jeweler to the stars," has just been sentenced to six years in a federal prison for fraud, which involved $210 million in loans and the bankruptcy of Fred Leighton. The specifics are a little too legalese for us on a Monday, so we'll leave you with this quote from Greg Kwait, the CEO of Fred Leighton, of which Esmerian was once chairman: "It's a sad conclusion to a storied career in jewelry." [WWD, subscription req'd]