Jay-Z subpoenaed by SEC, papers say
- Author: Kyle Peterson May 04, 2018,
May 04, 2018, 9:41
Rapper Jay-Z stands on the sidelines as the New York Jets play against the Dallas Cowboys during their NFL Season Opening Game at MetLife Stadium on September 11, 2011 in East Rutherford, New Jersey.
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. The SEC is now filing a subpoena enforcement action against Jay-Z for testimony to inquire about his joint venture with Iconix.
In March of 2016, Iconix wrote down a massive $169 million related to its Rocawear buyuout.
Securities watchdogs are probing whether Iconix had violated trading laws related to financial reporting.
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.
The U.S. Securities and Exchange Commission is asking a Manhattan federal judge to enforce a subpoena issued to Shawn Carter, better known by his stage name Jay-Z (and who frequently name-checks himself as "H.O.V.A." on stage), to testify before the commission in an investigation into a company he sold a clothing line to a decade ago. Carter was initially subpoenaed in November 16, 2017.
Simply asserting he does not have relevant information will likely not be enough for Carter to be allowed to ignore the subpoena, Chase said.
Court documents list Jay-Z's attorney as Alexander Spiro, who is now representing the artist in a legal dispute with Iconix over the $200 million deal. "If respondent Carter refuses to appear on the appointed date and time, the Commission will have established a prima facie case of civil contempt against him, and he may be held in civil contempt for failure to comply with the Order without further notice or hearing", the order said.