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SEC Subpoenas Jay-Z in Iconix Investigation

The Securities and Exchange Commission said today that it is seeking a court order for Jay-Z to testify in an investigation into Iconix Brand Group., according to CNBC.

The SEC is investigating potential violations of the federal securities laws related to Iconix’s financial reporting. It claims the company paid Jay-Z (real name: Shawn Carter) more than $200 million to acquire assets associated with his Rocawear apparel brand.

“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. “The SEC’s application states that the Commission seeks Carter’s testimony to inquire about, among other things, Carter’s joint ventures with Iconix. After the acquisition, Carter and Iconix maintained publicly-disclosed partnerships related to the Rocawear brand.”

The release notes that the SEC initially subpoenaed Jay-Z to testify in November and sent a second request in February, when the rapper was under new counsel, and that he still has not provided any dates in which he will appear in court. However, “The application does not reflect a determination by the SEC or its staff that Carter has violated provisions of the federal securities laws at issue in the investigation,” it says.

“We are aware that the SEC is seeking information on Iconix’ s financial reporting,” a rep for Jay-Z said in a statement provided to Variety. “Mr. Carter had no role in that reporting or Iconix’ s other actions as a public company.  Mr. Carter is a private citizen who should not be involved in this matter.”

A representative from Iconix did not immediately respond to CNBC’s request for comment.

 

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