Why Jay-Z Is Being Subpoenaed by the SEC

May 04, 2018, 09:39
Why Jay-Z Is Being Subpoenaed by the SEC

The SEC said it is investigating financial reporting at Iconix Brand Group of NY, which paid more than $200 million to acquire Rocawear assets but then wrote down the business by $169 million previous year and another $34 million in March.

But the SEC says Iconix's financial reporting around its Rocawear acquisition - and potentially other dealings - are suspicious.

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

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A U.S. District Court judge in NY has instructed Jay-Z to appear on May 8 at 3 p.m.to show cause why an order shouldn't be issued for his testimony.

Among other things, the SEC said it desires jayz to reveal exactly the worth of their Rocawear trade mark along with also his engagement with all the brand to Iconix after the sale.

In March of 2016, Iconix wrote down a massive $169 million related to its Rocawear buyuout.

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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.

The SEC is reportedly in the midst of investigating Iconic Brand Group Inc., the company that paid Hov more than $200 million to acquire assets associated with his Rocawear clothing brand. "Mr. Carter is a private citizen and should not be involved in this matter".

Simply asserting he does not have relevant information will likely not be enough for Carter to be allowed to ignore the subpoena, Chase said. Iconix sued Carter previous year, claiming a copyright infringement over his continued use of his Roc Nation brand to sell clothing products, now under the name Paper Plane.

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The representative did not comment on his plans for responding to the court order next week. He has, so far, failed to provide the SEC with any dates as to when or how he might testify - and now, it seems the federal agency is getting impatient with the rapper.

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