SEC pushes for Jay-Z to comply with subpoena

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

It claims the company paid Jay-Z (real name: Shawn Carter) more than $200 million to acquire assets associated with his Rocawear apparel brand. He was later send a second subpoena and failed to appear and declined to provide dates for investigative testimony. "The SEC's application states that the Commission seeks Carter's testimony to inquire about, among other things, Carter's joint ventures with Iconix".

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 said it's investigating in case national regulations were violated while the company reported benefits, including approximately its Rocawear-related belongings Iconix to learn. "Mr. Carter is a private citizen and should not be involved in this matter".

The agency said it subpoenaed Jay-Z in November and again in February after he hired new lawyers.

The agency wants Jay-Z's testimony in looking at the brand management company's write down of the value of Rocawear by $169 million in March 2016 and an additional $34 million this year.

In an ordered issued Thursday, U.S. District Judge Paul Gardephe of the Southern District of NY said Carter must appear before him on May 8 to answer why he should not be compelled to appear before the commission.

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Jay-Z is slated to rap next week - with a federal judge.

Simply asserting he does not have relevant information will likely not be enough for Carter to be allowed to ignore the subpoena, Chase said.

Now, the SEC if fighting back.

The representative did not comment on his plans for responding to the court order next week.

ICON shares fell 7.8% after the bell Thursday. Last year Iconix sold two of its best known brands, Badgley Mischka and the Sharper Image, as well as a majority stake in Peanuts Worldwide.

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