Jay-Z Subpoenaed By SEC For Testimony In Fraud Case

Cristina Cross
May 4, 2018

Carter and business partner Damon "Dame" Dash sold the rights to their urban apparel line Rocawear to Iconix in 2007 for $204 million.

The SEC has been attempting to get Jay-Z to testify since November of past year in connection with its Iconix investigation. The SEC further said that after the acquisition, both Carter and Iconix "maintained publicly disclosed partnerships related to the Rocawear brand".

"Mr. Carter is a private citizen who should not be involved in this matter", the statement reads.

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Officers mentioned the hip hop celebrity was subpoenaed in November final 12 months and once more in February after he employed new attorneys. This most recent filing claims that he still hasn't provided the commission with availability dates for a court appearance, with the representative's statement above clearly explaining why he hasn't.

Jay-Z has been subpoenaed by the Securities and Exchange Commission (SEC) to testify in a fraud case. The agency also added that the application, "does not reflect a determination by the SEC or its staff that Carter has violated provisions of the federal securities law at issue in the investigation".

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.

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American rapper Jay-Z, pictured here performing Bercy arena in Paris, Oct 17, 2013, is now in trouble.

Iconix did not respond to a request for comment Thursday. At the time, Rocawear was reported to have annual sales of over $700 million. The agency is seeking Carter's testimony after Iconix wrote down the value of Rocawear by $169 million in March 2016 and another $34 million this year, the SEC said. In Thursday trading, Iconix shares were plunging - which is usually the impact of an SEC investigation into potential shadiness.

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