It’s clear JAY-Z isn’t talking, at least not to the Securities and Exchange Commission (SEC).
The Hip Hop mogul — real name Shawn Carter — has reportedly been subpoenaed by Wall Street’s most powerful regulator for refusal to cooperate in a current investigation.
According to TIME magazine, Hov has been subpoenaed for a third time after failing to testify as part of a SEC investigation into the Iconix Brand Group Inc.’s accounting practices.
In 2007, the company paid roughly $200 million to acquire assets from Hov’s Rocawear apparel brand. The SEC says its wants Hov’s testimony after Iconix wrote down the value of Rocawear by $169 million in March 2016 and another $34 million this year.
A spokeswoman for JAY-Z said, “We are aware that the SEC is seeking information on Iconix’s financial reporting. 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.”
Hov was originally subpoenaed last November. In February, he retained new counsel before the SEC issued a second subpoena for testimony, which he again failed to deliver.
Rocawear was reportedly sued by iSource NYC in 2013. The line allegedly owed the wholesale company nearly $500,000 for garments made in Pakistan and shipped to New York in 2012.
Iconix also filed a lawsuit against Hov and Roc Nation for using the company’s logo on Major League Baseball (MLB) merchandise in May, which JAY-Z wants nothing do with.
Iconix has been under investigation since 2015.[apple_news_ad type=”any”]
It looks like Hov is in a HOV lot of trouble.
He has nothing to do with another companies accounting practices… no trouble here, just harassment and probably unnecessary court cost and lawyer fees.
Hov sold Rocawear because he knew that the end of that era was near. Iconix couldn’t see that shit. Now they taking the loss and trying to write it off.
When you’re successful black the white system will always look for a way to take you down a notch (put you in your place). they’re looking for something on Jay