99 problems to 100? Jay-Z subpoenaed to testify in fraud case

Jay-Z — 21

Jay-Z — 21

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. As part of that probe, the investigators issued Carter a subpoena seeking his testimony in November 2017 - but he never showed up.

The SEC is looking into potential violations of the federal securities laws that have to do with the company's financial reporting. After the acquisition, Carter and Iconix maintained publicly-disclosed partnerships related to the Rocawear brand. 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 objective of individuals who realized of trades involving his organizations Jay-Z along with Iconix. Carter gained new counsel in February 2018 and the SEC subpoenaed him again for his testimony.

A NY judge says Jay-Z must explain why he's dodging a subpoena rather than answering questions related to a probe of a consumer brand company. According to the SEC, his lawyers did not provide any dates when he would be available to testify. The SEC further emphasized that the application "does not reflect a determination by the SEC or its staff that Carter has violated provisions of the federal securities laws at issue in the investigation". But in March 2016, Iconix lowered the value of Rocawear by $169 million, according to the SEC.

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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. At the time, Rocawear was reported to have annual sales of over $700 million.

The company, whose retail brands include Joe Boxer and Candie's, did not immediately respond to requests for comment. It posted a $557 million loss previous year, while annual revenue fell 7 percent to $226 million.

It mentioned: "The fee seeks Carter's testimony to inquire about, amongst different issues, Carter's joint ventures with Iconix".

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