Jay-Z subpoenaed to testify in fraud case
Jay-Z has been subpoenaed by the Securities and Exchange Commission (SEC) to testify in a fraud case.
The SEC is currently investigating potential violations of the federal securities laws related to financial reporting of Iconix Brand Group, Inc., which licenses brands to apparel, footwear and apparel accessory retailers and manufacturers, according to documents filed in federal court.
Iconix paid the Brooklyn rapper more than $200 million to acquire intangible assets associated with his famous Rocawear clothing brand, which Iconix owns, the documents state.
The SEC isn't investigating Jay-Z, whose given name is Shawn Carter, but rather want his testimony as part of questions they have about related financial moves Iconix made.
“We are aware that the SEC is seeking information on Iconix’s financial reporting. Mr. Carter had no role in that reporting or Iconix’s other actions as a public company," the 48-year-old music mogul's representative told ABC News. "Mr. Carter is a private citizen who should not be involved in this matter.”
The SEC claimed they first issued a subpoena for the "4:44" artist's testimony in November 2017, followed by a second subpoena for his testimony in February of this year after he retained new counsel. Jay-Z allegedly ignored both subpoenas.
The dates on which Jay-Z will appear in court to testify are unknown, as of Thursday afternoon.
Some fans are already making light of the legal matter. A Twitter user, referencing Jay-Z's third subpoena and hit track "99 Problems," tweeted Thursday, "Now, 100 problems."
The news comes one day after Jay-Z's announcement of his forthcoming Roc Nation TV production division.
