SEC Subpoenas Jay-Z in Iconix Investigation

Jay-Z Receives Investigative Subpoena from the SEC

- A representative for Jay-Z, commenting on the subpoena the rapper received concerning a probe related to Iconix Brand Group, a clothing company that paid Jay-Z $200 million for assets associated with the Rocawear apparel brand.

The SEC is now investigating potential violations of the federal securities laws related to financial reporting of Iconix Brand Group, Inc., which licenses brands to apparel, footwear and apparel accessory retailers and manufacturers, according to documents filed in federal court.

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.

Jay-Z is the target of a subpoena regarding an ongoing Securities and Exchange Commission investigation. The SEC initially issued a subpoena for Carter's testimony on November 16, 2017.

The SEC's application states that the Commission seeks Carter's testimony to inquire about, among other things, Carter's joint venture with Iconix.




"In March 2016, Iconix publicly announced a $169 million write down of Rocawear, and in March of this year, Iconix announced a further write down of $34 million", the SEC statement reads.

U.S. District Judge Paul Gardephe ordered him to appear in court on Tuesday to show cause why he should not comply with an SEC subpoena ordering a May 11 appearance. "Mr. Carter is a private citizen who should not be involved in this matter", the statement said. "Mr. Carter had no role in that reporting or Iconix's other actions as a public company". Accordingly, Jay-Z (aka Sean Carter) and his attorneys have been resisting calls by the agency to testify and offer documents. He is treading on very thin ice with that posture.

Now, the SEC if fighting back. Iconix sued Carter past year, claiming a copyright infringement over his continued use of his Roc Nation brand to sell clothing products, now under the name Paper Plane.

ICON shares fell 7.8% after the bell Thursday.

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