SEC Subpoenas Jay Z to Testify in Iconix Fraud Investigation

Jay-Z Receives Investigative Subpoena from the SEC

Hip-hop megastar Jay-Z should be compelled to testify in an investigation into the sale of his Rocawear apparel brand, after he ignored an order to show up for questioning, U.S. market regulators said Thursday.

In 2007, Iconix Brand Group, a "brand management company" that licenses brands to retailers and manufacturers in the clothing and footwear industries, bought out Rocawear. Reports claim he was originally subpoenaed in November 2017, and then again in February 2018, both times he reportedly "failed to appear as required". Carter is not accused of any wrongdoing, notes Bloomberg, but the agency is trying to crack down on the rapper by issuing an enforcement order.

In 2008, the rapper founded the entertainment company Roc Nation, which includes a record label that is home to artists like Drake and Rihanna. And just a year ago, the company triggered another Rocawear write-off to the tune of $34 million.

The SEC has been looking more into Iconix financial reporting and in relation to Rocawear, they more than $200 million they paid to acquire "intangible assets" associated with the brand.

The SEC insists he failed to appear despite the subpoenas and his lawyers have reportedly declined to offer his testimony in the future. 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.

Investigators want to ask Carter about his relationship with Iconix, among other things, according to the SEC application for a subpoena enforcement action.

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

A Iconix spokesperson could not be immediately reached for comment.

He also co-owns the 40/40 Club sports-bar chain, and is an investor in several other restaurants, including NY hotspot The Spotted Pig.

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