Jay-Z Subpoenaed By SEC In Iconix Brand Investigation
Jay-Z Subpoenaed By SEC In Iconix Brand Investigation
The SEC Is Seeking A Court Order To Get Jay-Z To Testify
04 May, 2018, 09:37
Iconix paid Carter more than $200 million to acquire "intangible assets" associated with his Rocawear apparel brand.
"We are aware that the SEC is seeking information on Iconix's financial reporting", a representative for Carter told CNBC. A Twitter user, referencing Jay-Z's third subpoena and hit track "99 Problems", tweeted Thursday, "Now, 100 problems".
The Securities and Exchange Commission subpoenaed Jay-Z on Thursday.
The Securities and Exchange Commission said the repeat Grammy victor, whose real name is Shawn Carter, failed to respond to subpoena seeking his testimony, so officials have asked a federal judge in NY to take action.
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The agency said it had made no determination that the singer-songwriter, whose given name is Shawn Carter, violated securities laws, but said he had ignored two subpoenas to testify about joint ventures with Iconix and other matters.
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. A subpoena was initially issued by the SEC in November 2016. The SEC further said that after the acquisition, both Carter and Iconix "maintained publicly disclosed partnerships related to the Rocawear brand".
The SEC insists he failed to appear despite the subpoenas and his lawyers have reportedly declined to offer his testimony in the future. "Mr. Carter is a private citizen and should not be involved in this matter". Rocawear was one of his early business successes. The action seeks an order to enforce a subpoena sent to Carter for him to testify in an investigation of clothing company Iconix Brand Group.
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. Iconix has faced a series of troubles in recent years, including slipping sales and a number of high-profile executive departures.
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