US SEC orders rapper Jay-Z's to testify on clothing brand sale

Sheila Mcguire
May 4, 2018

The commission is attempting to discover disparities between the company's financial reporting and any potential violations of federal securities laws. "After the acquisition, Carter and Iconix maintained publicly-disclosed partnerships related to the Rocawear brand". 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.

"Mr. Carter had no role in that reporting or Iconix' s other actions as a public company", the rep said. "Mr. Carter is a private citizen who should not be involved in this matter". In February, after he retained new counsel, the SEC issued a second subpoena for testimony, according to the statement.

It seems that even a rapper as rich and legitimized as Jay Z can get into an issue with the court, though when Jay does it, it's over a $200 million deal instead of a drug charge.

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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.

Jay must appear on May 8th at 3 PM to provide cause why an order shouldn't be issued for his testimony.

It also said it wants to learn about his other companies that did business with Iconix and his awareness of the knowledge and intent of other people who knew of transactions involving Jay-Z, his affiliated companies and Iconix.

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The lawsuit claims that Jay-Z's parent company, S. Carter Enterprises, hired the firms in 2015 to assist in the purchase of the subscription service's owner, the Swedish company Aspiro AB. And just a year ago, the company triggered another Rocawear write-off to the tune of $34 million.

Iconix lawyers haven't returned emails seeking comment.

The SEC said it asked a federal judge to step in after Carter ignored two subpoenas requesting his testimony.

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