Jay-Z Subpoenaed By SEC In Iconix Brand Investigation

04 May, 2018, 14:25 | Author: Valerie Santiago
  • The government is seeking to order testimony from the hip hop mogul in a probe related to Iconix Brand Group which had a $200 million deal with him

"After the acquisition, Carter and Iconix maintained publicly-disclosed partnerships related to the Rocawear brand".

The documents state that Iconix paid Jay more than $200 million to acquire intangible assets associated with his famous Rocawear clothing brand, which Iconix owns. The SEC reportedly wants Carter to testify regarding his dealings with Iconix. The agency initially issued a subpoena for Carter's testimony in November and then again in February.

A U.S. District Court judge in NY has instructed Jay-Z to appear on May 8 at 3 p.m.to show cause why an order shouldn't be issued for his testimony.

The SEC said it is investigating financial reporting at Iconix Brand Group of NY, which paid more than $200 million to acquire Rocawear assets but then wrote down the business by $169 million previous year and another $34 million in March.

A statement issued on behalf of Jay-Z by one of his representatives said the entertainer had no role in Iconix Brand Group's financial reporting or its other actions as a public company. "Mr. Carter is a private citizen and should not be involved in this matter". The lawsuit claims that the rapper's deal with New Era to produce baseball hats without the approval of Iconix. This isn't even the first time he was subpoenaed over this, having been hit with the first one in November of previous year, and after obtaining new council, didn't appear in court as required, and has not given any additional dates that he'd agree to testify.

How ANT-MAN AND THE WASP Fits Into INFINITY WAR
That mark beat the one set by "Star Wars: The Force Awakens" for the highest opening weekend ever, the Associated Press reports. The new footage does an unbelievable job of making Evangeline Lilly's Hope van Dyne, aka Wasp, look like a complete bad ass.

The SEC said Thursday that its efforts to force Carter to testify in the probe do "not reflect a determination by the SEC" that he violated federal law, the agency said.

The SEC said it is probing Iconix for possible financial reporting violations.

Iconix did not respond to a request for comment Thursday.

Carter, who married 22-time Grammy award victor Beyoncé in 2008, is worth an estimated $810 million, according to Forbes.

Recommended:



Popular

NTI cites verifiable, irreversible denuclearization as critical challenge in North Korea talks
Moon Chung-in, an adviser to the South Korean president, said negotiations with the North may change the calculus. President Donald Trump has instructed the Department of Defense to review a possible reduction of U.S.

Amazon bids for 60% stake in India's Flipkart
If the deal with Walmart goes through, it would provide Flipkart with more arsenal to go up against Amazon in the Indian market. The newspaper report that Walmart wants Group CEO Binny Bansal and Krishnamurthy to have more crucial rules in the company.

Apple announces slow iPhone sales, but $100 billion for investors
And, although the iPhone remains the company's main driver of revenue, sales of services and other Apple products are growing. The company's net income for the second quarter was United States dollars 13.8 billion, up from USD 11 billion a year ago.

Trump Repaid Cohen for Stormy Daniels Hush Money, Giuliani Says
Trump previously denied knowledge of the payment, which has since spurred a lawsuit against the President. Asked if Giuliani's admission is evidence of a campaign finance violation, Avenatti simply said, "Yes".

Russian pilots killed in military jet crash in Syria
Pilots " fought to take the aircraft under control till the last minute ", according to Moscow defence officials. TV channel Al Mayadeen , the Syrian newspaper Enab Baladi and other outlets made the pictures public.

Former West Virginia WR Tavon Austin traded to Dallas Cowboys
He has had no more than 509 yards in any of his first 5 National Football League seasons. He's also contributed with 1,238 yards and nine touchdowns on the ground.

Pochettino confident Kane will be mentally ready for World Cup
It's hard to win games. "It's our target in this moment, focus on the next game against Newcastle and try to get three points". It puts us in a very good position fighting for the top four and that is the objective for the rest of the season".

Vikes' Newman says he's retiring after season
The Vikings also drafted Mike Hughes out of Central Florida in the first round Thursday. For his career, Waynes has five interceptions and 35 passes defensed.

Louis Arthur Charles: Royals William and Kate name their newborn baby
The Royal family and the Middleton family have reportedly been informed of the baby's sex, weight and timing of birth. It also pays tribute to the Prince of Wales's great- uncle, Earl Mountbatten, who was murdered by the IRA.

Kat: Sunny skies and cooler temps today
Both the European and GFS models like the idea of an isolated shower or two with cooler highs on Saturday . A northwest wind of 11 to 13 miles per hour can be expected with gusts up to 23 miles per hour .