Jay-Z Issued Investigative Subpoena by Securities and Exchange Commission
Jay-Z may be facing some dicey legal issues after he was reportedly issued an investigative subpoena by the Securities and Exchange Commission, in a demand to have the rapper provide a testimony.
The SEC released a statement today (May 3) regarding the enforcement action, stating that they are investigating potential violations of federal securities laws related to the financial reporting of Iconix Brand Group Inc, who paid Hov a big chunk of money a few years back.
According to The Hollywood Reporter, the investigative subpoena comes from the 4:44 rapper failing to testify following an original subpoena from November 16 of last year, as well as a second one that was issued later. While speaking with the outlet, a representative for Hov said that Jay "had no role in that reporting or Iconix's other actions as a public company."
Iconix previously paid a total of $204 million to acquire the intangible assets from Jay's Rocawear brand, which he sold to them in 2007. The Brooklyn native is currently being ordered by a judge to appear in court next week on May 8 to explain why he should not have to testify as part of the SEC's investigation.
If you recall, Jay has been facing a legal dispute with Iconix after he was accused of undermining their $204 million licensing deal and used the company's logo on MLB merchandise. While Iconix sued him, Roc Nation, New Era, LIDS and the San Francisco Giants for $10 million, Hov asked for his name to be taken out of the lawsuit.
We will keep you updated on Jay-Z's appearance in court on May 8 as details surface.
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