The SEC Has Subpoenaed Jay-Z Over Rocawear Deal With Iconix
04 May, 2018, 10:04 | Author: Pamela Mathis
The SEC said it is probing Iconix for possible financial reporting violations. "Mr. Carter had no role in that reporting or Iconix's other actions as a public company", the representative said.
"Mr Carter is private citizen who should not be involved in this matter", the statement said.
For the man who once rapped about having "99 Problems", a new enforcement action from the SEC may add yet another to Shawn Carter's list. However, "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", it says.
Iconix, which sells retail brands Candie's and Joe Boxer, has been under SEC investigation over its accounting practices since December 2015.
Carter, who married 22-time Grammy award victor Beyoncé in 2008, is worth an estimated $810 million, according to Forbes. That judge has now ordered the rapper to appear in Manhattan Federal Court to disclose details stemming from a suspicious $200 million acquisition by Iconix Brand Group in 2007.
Jay z must make clear why he has dodging a subpoena as opposed to answering queries related a judge states. He has, so far, failed to provide the SEC with any dates as to when or how he might testify - and now, it seems the federal agency is getting impatient with the rapper.
Iconix did not respond to a request for comment Thursday.
Iconix in March 2016 said it would write down $169 million in connection with Rocawear. After Jay-Z obtained new counsel, the agency issued a second subpoena, according to an SEC statement.
Among other things, the SEC said it desires jayz to reveal exactly the worth of their Rocawear trade mark along with also his engagement with all the brand to Iconix after the sale. It posted a $557 million loss past year, while annual revenue fell 7 percent to $226 million.
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