Jay-Z's Got 99 Problems And This SEC Subpoena Might Be One
04 May 2018, 09:39 | Santos Harmon
Jay-Z Receives Investigative Subpoena from the SEC
"We are aware that the SEC is seeking information on Iconix's financial reporting". The SEC is examining potential violations of federal securities laws related to Iconix's acquisition of intangible assets associated with Jay-Z's Rocawear apparel brand, according to the SEC's statement about the subpoena.
In March of 2016, Iconix wrote down a massive $169 million related to its Rocawear buyuout. It lowered the value again this past March, by $34 million.
Jay-Z has also been ordered to appear in federal court next week to explain why he shouldn't be ordered to testify in the SEC investigation.
The hip hop mogul born Shawn Carter, who just announced plans for a six-part documentary series examining Meek Mill and flaws in the criminal justice system, has been issued an investigative subpoena. "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. It also said that it wants to learn about his other businesses that did business with Iconix along with also his awareness of the wisdom and objective of individuals who realized of trades involving his organizations Jay-Z along with Iconix. Jay-Z allegedly ignored both subpoenas. "The SEC doesn't typically back down".
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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.
A Iconix spokesperson could not be immediately reached for comment. Iconix has faced a series of troubles in recent years, including slipping sales and a number of high-profile executive departures.
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