Published: Fri, May 04, 2018
Culture | By Glenn Strickland

The SEC Subpoenas Jay-Z Over Rocawear Sale to Iconix

The SEC Subpoenas Jay-Z Over Rocawear Sale to Iconix

The commission is attempting to discover disparities between the company's financial reporting and any potential violations of federal securities laws. In the past, the company paid $200 million to Carter for assets related to his Rocawear clothing line. It said it's investigating in case national regulations were violated while the company reported benefits, including approximately its Rocawear-related belongings Iconix to learn.

A statement issued with respect to Jay-Z by a few of his agents said the entertainer had no role at its own activities like a business or the fiscal reporting to its Iconix Brand team. The statement said the singer is a private citizen "who should not be involved in this matter". Carter gained new counsel in February 2018 and the SEC subpoenaed him again for his testimony.

The Securities and Exchange Commission is not happy with Jay-Z.

Hip-hop superstar Jay-Z has been summoned to a NY federal court to answer questions related to the 2007 sale of his Rocawear clothing brand.

Iconix announced a $169-million write down for Rocawear in early 2016 and another writedown of $34 million this year.

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Without a sufficient excuse, Jay-Z will be ordered to appear before the SEC in Washington on May 11 and will be required to answer questions for as many days as it takes, the judge said.

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.

"We are aware that the SEC is seeking information on Iconix's financial reporting". And just past year, the company triggered another Rocawear write-off to the tune of $34 million.

Iconix attorneys failed to immediately return e mails seeking comment.

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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