The SEC Has Subpoenaed Jay-Z Over Rocawear Deal With Iconix
04 May, 2018, 14:26 | Author: Sheri Evans
Just this (Thursday) morning, federal judge Paul Gardephe ruled that sufficient evidence existed to compel Sean Carter's participation in a broader investigation related to alleged financial violations. The company allegedly paid JAY-Z over $200 million to acquire assets affiliated with the Rocawear apparel brand.
Jay-Z, whose real name is Shawn Carter, owns a clothing brand called Rocawear. "Mr. Carter had no role in that reporting or Iconix' s other actions as a public company".
"Mr Carter is a personal citizen who shouldn't be concerned on this matter".
According to the SEC, a subpoena for the artist's testimony was originally issued on November 16. This most recent filing claims that he still hasn't provided the commission with availability dates for a court appearance, with the representative's statement above clearly explaining why he hasn't.
Hip-hop megastar Jay-Z should be compelled to testify in an investigation into the sale of his Rocawear apparel brand, after he ignored an order to show up for questioning, USA market regulators said Thursday.
JAY-Z may be forced to testify in a federal case even though the music mogul seems to be doing his best to stay silent.
Carter will have to appear at a hearing on May 8 to argue why the court should not order his testimony. The SEC is seeking Jay-Z's testimony after the company wrote down the value of Rocawear by $169 million in March 2016 and another $34 million this year. At the time, Rocawear was reported to have annual sales of over $700 million.
So far neither Iconix or JAY-Z has released a statement.
Iconix has yet to comment or respond to Investopedia's inquiry surrounding the subpoena.
Investigators want to ask Carter about his relationship with Iconix, among other things, according to the SEC application for a subpoena enforcement action.
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