SEC Subpoenas Jay-Z to Testify in Iconix Brand Investigation

04 May, 2018, 10:04 | Author: Julio Duncan
  • Jay-Z Receives Investigative Subpoena from the SEC

A statement issued with respect to Jay-Z by a few of his agents said the entertainer had no role at its own activities like a business or the fiscal reporting to its Iconix Brand team.

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

Carter is not the focus of the SEC probe. The SEC further emphasized that 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".

Why, specifically, the SEC is investigating Iconix is unclear, but according to a companion CNBC report, there are concerns about the company's financial reporting.


The representative did not comment on his plans for responding to the court order next week.

The SEC said it asked a federal judge to step in after Carter ignored two subpoenas requesting his testimony. Carter, who hasn't been accused of wrongdoing, failed to appear as required by the subpoenas and, through his counsel, has declined to provide any additional dates on which he will agree to appear for investigative testimony, the regulator said. The nature of the SEC inquiry is not yet known as it's under seal, and Jay-Z's rep wasn't immediately aware of the demand for Jay's testimony. That indicates Iconix overvalued the asset. But in March 2016, the company announced a $169 million write-down of Rocawear, followed by a $34 million write down in March of this year, the SEC said. He has also built an entertainment, sports and merchandise conglomerate under his Roc-A-Fella umbrella that includes a talent agency, production company, record label and investment arm, among other things. And just previous year, the company triggered another Rocawear write-off to the tune of $34 million.

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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