Published: Fri, May 04, 2018
Culture | By Henry Herrera

Jay-Z subpoenaed to testify in fraud case

Jay-Z subpoenaed to testify in fraud case

The documents state that Iconix paid Jay more than $200 million to acquire intangible assets associated with his famous Rocawear clothing brand, which Iconix owns.

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 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.

In the SEC's action, regulators say they want to talk to Carter about the joint venture with Iconix.

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.

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.

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Jay-Z has wide-ranging business affairs, stretching from Tidal (a streaming service that has issued equity to other artists) to sports management to brand endeavors, but the SEC is interested in his relationship with Iconix Brand Group, a public apparel company. 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.

Iconix, which sells retail brands Candie's and Joe Boxer, has been under SEC investigation over its accounting practices since December 2015.

So Jay-Z Has Ignored Two Subpoenas Before - How Is That A Thing?

The SEC insists he failed to appear despite the subpoenas and his lawyers have reportedly declined to offer his testimony in the future.

Iconix attorneys failed to immediately return e mails seeking comment. It posted a $557 million loss a year ago, while annual revenue fell 7 percent to $226 million.

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