page contents Jay-Z ordered to appear in court after SEC subpoenas – The News Headline

Jay-Z ordered to appear in court after SEC subpoenas

Carter should seem in a New york courtroom room on Would possibly eight to make his case, in step with a courtroom report made public Thursday.

The SEC mentioned it requested a federal pass judgement on to step in after Carter not noted two subpoenas asking for his testimony.

Carter isn’t the focal point of the SEC probe. Quite, the company is all in favour of Iconix, a logo control corporate that owns labels together with Candie’s, London Fog and Rampage.

Carter and industry spouse Damon “Dame” Sprint offered the rights to their city attire line Rocawear to Iconix in 2007 for $204 million. The SEC says Carter and Iconix “maintained publicly-disclosed partnerships associated with the Rocawear logo” after the sale.

Regulators are investigating “possible violations” of federal monetary disclosure regulations by way of Iconix, the SEC mentioned in a remark. As a part of that probe, the investigators issued Carter a subpoena searching for his testimony in November 2017 — however he by no means confirmed up. It issued a 2nd subpoena in February that Carter additionally not noted.

The SEC mentioned Thursday that its efforts to drive Carter to testify within the probe do “no longer replicate a resolution by way of the SEC” that he violated federal legislation, the company mentioned.

When reached for remark, a consultant for Carter issued a remark announcing they “are conscious that the SEC is looking for knowledge on Iconix’s monetary reporting. Mr. Carter had no position in that reporting or Iconix’ s different movements as a public corporate.”

“Mr. Carter is a non-public citizen who will have to no longer be concerned on this topic,” the remark reads. It is unclear if he plans to seem in courtroom subsequent week. The consultant used to be no longer instantly to be had to respond to further questions.

If Carter fails to turn up in courtroom, he may well be present in contempt, in step with a courtroom submitting. And if he fails to persuade the pass judgement on that he will have to no longer must testify within the SEC probe, he may well be compelled to provide his testimony on Would possibly 11.

Iconix didn’t reply to a request for remark Thursday.

The SEC mentioned in its remark Thursday that Iconix needed to write down the price of its Rocawear acquire after the reality. That signifies Iconix overestimated the asset.

“In March 2016, Iconix publicly introduced a $169 million write down of Rocawear, and in March of this 12 months, Iconix introduced an additional write down of $34 million,” the remark reads.

Additional information about the probe or Iconix’s affiliation with Carter weren’t instantly to be had.

Carter, who married 22-time Grammy award winner Beyoncé in 2008, is price an estimated $810 million, in step with Forbes.

In 1996, Carter shaped Roc-A-Fella Information with pals Sprint and Kareem “Biggs” Burke particularly to marketplace the rapper’s tune.

Carter and his companions offered Roc-A-Fella to Island Def Jam, and he used to be appointed to a brand new position as president and CEO of Def Jam Recordings in 2004.

In 2008, the rapper based the leisure corporate Roc Country, which incorporates a file label this is house to artists like Drake and Rihanna.

Carter additionally as soon as owned a small section (zero.15%) of the New Jersey Nets, and helped lead them to the Brooklyn Nets. He offered his stake to Jason Kidd and an unidentified investor in 2013.

That very same 12 months, Carter shaped Roc Country Sports activities, which manages skilled athletes.

He additionally co-owns the 40/40 Membership sports-bar chain, and is an investor in different different eating places, together with New York hotspot The Noticed Pig.

CNN’s Lisa France contributed to this record.

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