Jay-Z Issued Subpoena in SEC Investigation

04 May, 2018, 14:24 | Author: Norman Carr
  • Recording star Jay-Z failed to respond to two subpoenas for testimony about the $200 million sale of his Rocawear brand to Iconix the SEC said

According to the SEC's application in a federal district court in Manhattan, the government watchdog is probing possible violations of federal securities laws connected with the purchase of Carter's Rocawear apparel brand by Iconix Brand Group Inc.

It mentioned: "The fee seeks Carter's testimony to inquire about, amongst different issues, Carter's joint ventures with Iconix".

Officers mentioned the hip hop celebrity was subpoenaed in November final 12 months and once more in February after he employed new attorneys.

It also said it wants to learn about his other companies that did business with Iconix and his awareness of the knowledge and intent of other people who knew of transactions involving Jay-Z, his affiliated companies and Iconix. But the SEC says Iconix's financial reporting around its Rocawear acquisition - and potentially other dealings - are suspicious. "Mr. Carter is a private citizen and should not be involved in this matter".

The rapper and businessman has been hit with a subpoena from the SEC, demanding that he comply with two prior subpoenas related to an ongoing financial investigation, Bloomberg reported Thursday.


Iconix lawyers haven't returned emails seeking comment.

The SEC has been attempting to get Jay-Z to testify since November of a year ago in connection with its Iconix investigation. The case relates to the $169 million write-down of Rocawear in March 2016, and again earlier this year, when Iconix chiefs announced they were taking another $34 million off the market value of the asset.

Further details about the probe or Iconix's association with Carter were not immediately available. He sold his stake to Jason Kidd and an unidentified investor in 2013.

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.

Recommended:

  • Abe, Israeli PM disuss Iran, trade

    Abe, Israeli PM disuss Iran, trade

    PM Abe arrived on Tuesday evening on his second official visit to Israel. Netanyahu visited Japan in 2014 and Abe first visited Israel in 2015.
    Cowboys draft Texas tackle Williams

    Cowboys draft Texas tackle Williams

    The Cowboys drafted Boise State LB Leight Vander Esch with their first round pick - the 19th overall - on Thursday night. He started only five games last season because of a left knee injury, and missed the bowl game to prepare for the draft.
    Eagles draft tracker: CB Maddox, DE Sweat join flock in fourth round

    Eagles draft tracker: CB Maddox, DE Sweat join flock in fourth round

    The Eagles needed to get a good tight end in this draft after losing Trey Burton , and Goedert is an effortless playmaker. They also grabbed an Australian NRL rugby player in OT Jordan Mailata in the seventh round as a flier.
  • Vector-borne diseases more than triple in US, CDC says

    Vector-borne diseases more than triple in US, CDC says

    The most common tick-borne diseases in 2016 were Lyme disease and ehrlichiosis, a serious illness that infects white blood cells. CDC officials said the United States is unprepared for a rise in illnesses caused by the bites of mosquitoes, ticks and fleas.
    LAPD Investigating Daz Dillinger After Calling On Crips to 'F- Up Kanye'

    LAPD Investigating Daz Dillinger After Calling On Crips to 'F- Up Kanye'

    In an absolutely wild interview Tuesday, Kanye West called slavery a "choice" and spoke about what having a free mind really means.
    Cool Tonight; Sunny and Pleasant Sunday

    Cool Tonight; Sunny and Pleasant Sunday

    Temperatures this morning, bottoming out in the low-mid 40s under clear skies so don't forget to grab your jacket or sweater. A northwest wind of 11 to 13 miles per hour can be expected with gusts up to 23 miles per hour .
  • Trump orders Pentagon to consider reducing USA  troops in South Korea

    Trump orders Pentagon to consider reducing USA troops in South Korea

    However, they said stationing of the US forces in the South may not be necessary if a peace treaty is signed between the Koreas. Kim, a South Korean-born USA citizen, has been held the longest. "But from the perspective of the U.S".
    BP profits surge by 71% on higher oil prices

    BP profits surge by 71% on higher oil prices

    Underlying profit was also 23 per cent higher than the previous quarter, marking BP's best results in three years. Payments are expected to be just over $3 billion in 2018, weighted to the first half of the year.
    LeBron James has owned Raptors but they have defensive options

    LeBron James has owned Raptors but they have defensive options

    Larry Nance Jr. and Kevin Love appear to be playing through bruises that are affecting their games. DeMar DeRozan is their man, and in Game 2 against the Wizards he scored a playoff career high 37.
  • Trump deserves Nobel Peace Prize for his Korea efforts: Moon Jae

    Trump deserves Nobel Peace Prize for his Korea efforts: Moon Jae

    There is also some question as to what North Korea will want in return for giving up its nuclear program and its missile testing. They want to be the Switzerland of Asia, they want to be seen as a partner that can have good ties with everybody", Gibson said.
    EA Sports Announces Free World Cup Expansion for FIFA Game

    EA Sports Announces Free World Cup Expansion for FIFA Game

    Petersburg, Sochi and Moscow , be sure to check out the Federation Internationale de Football Association 18 site here. Since it'll be released as a patch, users should be prompted to update the game when they launch it on May 29.
    Donald Trump To Meet With Occupents Of Deadly Southwest Airlines Flight

    Donald Trump To Meet With Occupents Of Deadly Southwest Airlines Flight

    She was the first passenger death on a US airline since 2009 - and the first ever in Southwest Airlines' history. Mr Trump welcomed the five-person crew and five passengers of Southwest Airlines Flight 1380 to the White House.


Popular

Adidas stands by Kanye West in aftermath of explosive "TMZ Live" statements
We have to deal with the marginalization that's come from the 400 years of slavery that you said for our people was a choice . The Tyrese challenge went viral and I was upset the people in my community were laughing at someone in severe mental distress.

Drake And Kendrick Perkins Almost Fought At Cavs, Raptors Game
The argument continued after the game was over, with the two continuing to yell at each other and Drake having to be held back. It's unclear what caused the fight, but many speculated that the Toronto rapper said something which offended Perkins.

Death toll from India storms now at 97
Congress leader and former Chief Minister Ashok Gehlot said he was cancelling his birthday celebration on Thursday. Sharma said the department had issued warnings in the last couple of days about a dust storm in Rajasthan.

TN Republicans among those seeking Nobel Peace Prize for Trump
But backers occasionally reveal their choice of nomination for the award, as is the case with Trump's 2019 recommendation. Beyond Obama, three other U.S. presidents have received the award: Theodore Roosevelt, Woodrow Wilson and Jimmy Carter.

UN SG exhorts leaders to strengthen press freedom, protect journalists
Somali journalists have often been shot dead by militants operating in parts of the Horn of Africa nation. The CMFR called on other journalists to unite, in order to keep press freedom alive.

Patriots considered trading up to draft Baker Mayfield
He's not our "most likely to succeed", because, let's be honest: It will take a miracle to make Cleveland good again. So, while many don't agree with or understand the Browns' plan, it sounds like they at least do have a plan.

Cowboys acquire WR Tavon Austin in deal with Rams
He also recorded 1,238 rushing yards for nine touchdowns, and scored three punts returned for touchdowns. The gadget player goes from one of the most crowded receiver corps in the league to arguably the least.

The Oculus Go is already hitting store shelves
The Oculus Go virtual reality headset is shipping today, Facebook CEO Mark Zuckerberg said at Facebook's F8 developer conference. The hardware is the company's first standalone headset and has launched with more than 1,000 apps, games and experiences.

Tristan Thompson Breaks Social Media Silence After Cheating Scandal
Thompson came back to celebrate Cleveland Cavaliers's win against the Indiana Pacers with 105-101. But what you did and how you did it is so low, I can't even.", user @ka_re_ta wrote.

Shrapnel from missile fired by Yemen's Houthis kills Saudi man in Jazan
A strike by the Saudi-led alliance has killed dozens of Houthi rebels in Yemen, including two commanders, Saudi media report. As the chairman of Yemen's Supreme Political Council, he was the second most wanted figure by the Saudi-led coalition.