A statement issued with respect to Jay-Z by a few of his agents said the entertainer had no role at its own activities like a business or the fiscal reporting to its Iconix Brand team. "After the acquisition, Carter and Iconix maintained publicly-disclosed partnerships related to the Rocawear brand", the SEC offered. It also said that it wants to learn about his other businesses that did business with Iconix along with also his awareness of the wisdom and goal of individuals who realized of trades involving his organizations Jay-Z along with Iconix.
Carter is not the focus of the SEC probe.
Shares of Iconix plummeted in December 2015 after the company publicly confirmed that the SEC was conducting a formal investigation into its accounting issues. And just a year ago, the company triggered another Rocawear write-off to the tune of $34 million.
In March 2016, Iconix said it would write-down where the $169M in relation to Rocawear and in March 2018, there was an additional write-down of $34M. The action seeks an order to enforce a subpoena sent to Carter for him to testify in an investigation of clothing company Iconix Brand Group.
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The SEC says they first issued a subpoena for the "4:44" artist's testimony in November of 2017, followed by a second subpoena for Jay's testimony in February of this year after he retained new counsel.
The agency said it had made no determination that the singer-songwriter, whose given name is Shawn Carter, violated securities laws, but said he had ignored two subpoenas to testify about joint ventures with Iconix and other matters. He declined to appear or provide any dates on which he would be available, the SEC statement said.
Iconix attorneys failed to immediately return e mails seeking comment.
In 1996, Carter formed Roc-A-Fella Records with friends Dash and Kareem "Biggs" Burke specifically to market the rapper's music.