The Securities and Exchange Commission has issued a subpoena compelling JAY-Z to testify in a federal securities laws probe into Iconix Brand Group Inc.
In 2007, Iconix paid JAY-Z $200 million acquire assets Rocawear.
This is the third time the SEC has subpoenaed HOV in their investigation Iconix’s financial reporting practices.
So far he has refused to testify and has declined to provide additional dates for when he could appear in court. If he continues to do so, the SEC could seek sanctions against him, even though he isn’t implicated in Iconix’s fraud.
Hov’s representative explained why JAY refuses to appear.
“Mr. Carter had no role in that reporting or Iconix’ s other actions as a public company,”
the rep said.
“Mr. Carter is a private citizen who should not be involved in this matter.”
for the ficial statement from the Securities and Exchange commission