According to The Hollywood Reporter, a federal judge has subpoenaed hip-hop mogul Jay-Z to the courtroom to defend his reason for not wanting to testify in an open Securities and Exchange Commission investigation.
Apparel company Iconix Brand Group is at the center of the reported investigation, which also has ties to Hov and allegedly paid him upwards of $200 million for “intangible assets” connected to his Rocawear clothing line. His relationship with Iconix peaked the SEC’s interest after the government agency began the investigation that’s reportedly looking into potential violations of federal securities laws with regard to Iconix’s financial reporting, THR adds.
Allegedly, the courts sent the 4:44 artist a subpoena to take the stand back in November 2017, followed up by a second, which he did not show up for. However, an SEC press release states that Hov is not being held accountable for any of the aforementioned provisional violations in the court case.
Still, the site concludes, a U.S. District Court judge in New York has ordered Jay to court on May 8 to explain his reason he shouldn’t be forced into a testimony.
"We are aware that the SEC is seeking information on Iconix's financial reporting," the site reports of a statement from one of Hov’s represenatives. "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."
(Photo: Larry Busacca/Getty Images for Spike)
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