SEC Subpoenas Jay-Z to Testify in Iconix Brand Investigation

SEC Subpoenas Jay-Z to Testify in Iconix Brand Investigation

The SEC said it is investigating financial reporting at Iconix Brand Group of NY, which paid more than $200 million to acquire Rocawear assets but then wrote down the business by $169 million previous year and another $34 million in March.

American rapper Jay-Z, pictured here performing Bercy arena in Paris, Oct 17, 2013, is now in trouble.

The agency pointed to a continued partnership involving Jay-Z, one that continued after 2007.

"Carter failed to appear as required by the subpoenas and, through his counsel, Carter has declined to provide any additional dates on which he will agree to appear for investigative testimony", the SEC stated.

The SEC initially issued a subpoena on November 16, 2017, with a second subpoena issued February 23, 2018 after he failed to appear.

The SEC's application states that the Commission seeks Carter's testimony to inquire about, among other things, Carter's joint venture with Iconix.

Two years ago, Iconix wrote down $169 million of Rocawear and this year it wrote down another $34 million, according to SEC filings.

Iconix, which sells retail brands Candie's and Joe Boxer, has been under SEC investigation over its accounting practices since December 2015.

So far neither Iconix or JAY-Z has released a statement. "Mr. Carter is a private citizen who should not be involved in this matter".

Carter had no role in Iconix's actions as a public company, a spokesperson for the superstar said in a statement.

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

Iconix has yet to comment or respond to Investopedia's inquiry surrounding the subpoena. Accordingly, Jay-Z (aka Sean Carter) and his attorneys have been resisting calls by the agency to testify and offer documents.

Iconix shares were down 6.7 percent at 59 cents in early afternoon trades Thursday.

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