May 4 (UPI) — Jay-Z has been subpoenaed by the Securities and Exchange Commission, which wants the rapper to testify about the company that purchased his Rocawear clothing line.
Iconix paid Jay-Z, real name Shawn Carter, more than $200 million for Rocawear in 2007. The SEC is investigating whether Iconix violated trading laws related to financial reporting and says that the company maintained a relationship with Jay-Z after the sale.
The SEC subpoenaed Jay-Z in November 2017 and then again in February 2018, however, the music star didn’t testify about his dealings with Iconix. The SEC has asked the U.S. District Court for the Southern District of New York to force Jay-Z to testify.
“We are aware that the SEC is seeking information on Iconix’s financial reporting,” a rep for Jay-Z told CNBC. “Mr. Carter had no role in that reporting or Iconix’s other actions as a public company. Mr. Carter is a private citizen who should not be involved in this matter.”