Jay-Z Receives Investigative Subpoena from the SEC

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"We are aware that the SEC is seeking information on Iconix' s financial reporting", a rep for Jay-Z said in a statement provided to Variety.

Iconix paid Jay-Z more than $200 million in 2007 for Rocawear, which he had launched in 1999 via his old music label Roc-A-Fella Records.

The investigation into whether partnerships like the Rocawear purchase "should potentially have been consolidated in the company's historical results" began in late 2015. At the time, Rocawear was reported to have annual sales of over $700 million.

The SEC has been attempting to get Jay-Z to testify since November of previous year in connection with its Iconix investigation. In Thursday trading, Iconix shares were plunging - which is usually the impact of an SEC investigation into potential shadiness. "Mr. Carter is a private citizen who should not be involved in this matter".

The Securities and Exchange Commission, which is investigating whether Iconix broke the law when reporting Rocawear's finances, complained that Jay-Z - whose real name is Shawn Carter - has ignored two subpoenas over the past six months.

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In the SEC's action, regulators say they want to talk to Carter about the joint venture with Iconix.

Further, according to Market Watch, the SEC notice issued this week does not indicate that Jay-Z is suspected of any wrongdoing.

Court documents list Jay-Z's attorney as Alexander Spiro, who is now representing the artist in a legal dispute with Iconix over the $200 million deal.

The release notes that the SEC initially subpoenaed Jay-Z to testify in November and sent a second request in February, when the rapper was under new counsel, and that he still has not provided any dates in which he will appear in court. Accordingly, Jay-Z (aka Sean Carter) and his attorneys have been resisting calls by the agency to testify and offer documents.