Z Subpoenaed by Securities and Exchange Commission in Iconix investigation

Emmett Rice
May 4, 2018

The SEC asked the U.S. District Court for the Southern District of NY to force Carter to testify in the agency's probe of Iconix Brand Group, which acquired the rapper's Rocawear clothing brand in 2007.

Jay allegedly ignored both subpoenas.

Still, Carter could risk jail if he continues to try to evade the SEC subpoena, said David Chase, a former prosecutor for the agency.

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 has been attempting to get Jay-Z to testify since November of a year ago in connection with its Iconix investigation. "The SEC's application states that the Commission seeks Carter's testimony to inquire about, among other things, Carter's joint ventures with Iconix".

Since March 2016, Iconix has reported it has had to write down $204 million on Rocawear.

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U.S. District Judge Paul Gardephe ordered him to appear in court on Tuesday to show cause why he should not comply with an SEC subpoena ordering a May 11 appearance.

The SEC first issued a subpoena for the entertainer's testimony in November.

"After the acquisition, Carter and Iconix maintained publicly-disclosed partnerships related to the Rocawear brand", the SEC stated, but so far Hov has failed to appear to testify about his business relationship with Iconix. "Mr. Carter is a private citizen and should not be involved in this matter". He is treading on very thin ice with that posture. Iconix sued Carter a year ago, claiming a copyright infringement over his continued use of his Roc Nation brand to sell clothing products, now under the name Paper Plane.

Iconix attorneys failed to immediately return e mails seeking comment.

Iconix shares were down 6.7 percent at 59 cents in early afternoon trades Thursday.

Demand for many of its brands also is waning, as retailers like Sears, Kohl's and Macy's struggle to keep up with changing consumers habits.

Other reports by Free-Prsite

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