Z Subpoenaed by Securities and Exchange Commission in Iconix investigation

Jay-Z Receives Investigative Subpoena from the SEC

Jay-Z Receives Investigative Subpoena from the SEC

The SEC is examining potential violations of federal securities laws related to Iconix's acquisition of intangible assets associated with Jay-Z's Rocawear apparel brand, according to the SEC's statement about the subpoena.

A Jay-Z's representative told BuzzFeed News he is aware the SEC is seeking information on Iconix's financial reporting, but said the case doesn't involve the rapper.

Jay-Z is slated to rap next week - with a federal judge.

"Carter failed to appear as required by the subpoenas and, through his counsel, Carter has declined to provide any additional dates on which he will agree to appear for investigative testimony", the SEC said in a statement. The SEC is now filing a subpoena enforcement action against Jay-Z for testimony to inquire about his joint venture with Iconix. But in March 2016, the company announced a $169 million write-down of Rocawear, followed by a $34 million write down in March of this year, the SEC said.

The rapper needs to say next week why he's dismissing a February subpoena in the Securities and Exchange Commission, U.S. District Judge Paul G. Gardephe claimed within a arrangement openly filed Thursday.

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"Mr. Carter is a private citizen who should not be involved in this matter", they add.

So Jay-Z Has Ignored Two Subpoenas Before - How Is That A Thing? If Carter does not comply with the subpoena, he may be held in contempt, according to the order. Accordingly, Jay-Z (aka Sean Carter) and his attorneys have been resisting calls by the agency to testify and offer documents. "The SEC doesn't typically back down".

Carter sold Rocawear to Iconix for $204 million in 2007, but maintained significant creative control of the brand.

Court documents list Jay-Z's attorney as Alexander Spiro, who is now representing the artist in a legal dispute with Iconix over the $200 million deal. It posted a $557 million loss past year, while annual revenue fell 7 percent to $226 million.

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