Sunday, 21 October, 2018

Jay-Z ordered to appear in court after ignoring SEC subpoenas

Recording artists Jay-Z ad Beyonce look on during Game One of the Western Conference Semifinals between the New Orleans Pelicans and the Golden State Warriors at ORACLE Arena Jay-Z Receives Investigative Subpoena from the SEC
| 04 May, 2018, 14:23

The Securities Exchange Commission (SEC) filed an action in Manhattan federal court against hip hop mogul Jay-Z (real name Shawn Carter). When Carter struck the deal with Iconix, Rocawear was bringing in more than $700 million in revenue a year.

However, the new owners are now under investigation on suspicion of violating federal securities laws in their financial reporting of Rocawear accounts. But the SEC says Iconix's financial reporting around its Rocawear acquisition - and potentially other dealings - are suspicious.

"Mr. Carter is a private citizen who should not be involved in this matter", they add. The agency initially issued a subpoena for Carter's testimony in November and then again in February. 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. After Jay-Z obtained new counsel, the agency issued a second subpoena, according to an SEC statement.

Carter will have to appear at a hearing on May 8 to argue why the court should not order his testimony.


Iconix in March 2016 said it would write down $169 million in connection with Rocawear.

It also said it wants to learn about his other companies that did business with Iconix and his awareness of the knowledge and intent of other people who knew of transactions involving Jay-Z, his affiliated companies and Iconix. And just a year ago, the company triggered another Rocawear write-off to the tune of $34 million.

Iconix has yet to comment or respond to Investopedia's inquiry surrounding the subpoena. The SEC is now filing a subpoena enforcement action against Jay-Z for testimony to inquire about his joint venture with Iconix.

A NY judge says Jay-Z must explain why he's dodging a subpoena rather than answering questions related to a probe of a consumer brand company.

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