INSUBCONTINENT EXCLUSIVE:
Authors: JordanThe SEC said it subpoenaed Jay-Z in November and again in February after he hired new lawyersWashington:
Hip-hop megastar Jay-Z should be compelled to testify in an investigation into the sale of his Rocawear apparel brand, after he
ignored an order to show up for questioning, US market regulators said Thursday.The Securities and Exchange Commission said the repeat
Grammy winner, whose real name is Shawn Carter, failed to respond to subpoena seeking his testimony, so officials have asked a federal judge
in New York to take action."Carter failed to appear as required by the subpoenas and declined to provide any additional dates on which he
will agree to appear for investigative testimony," the SEC said in a statement.The agency said it subpoenaed Jay-Z in November and again in
February after he hired new lawyers.The SEC is investigating possible securities law violations by Iconix Brand Group, which markets apparel
brands including Joe Boxer and London Fog. Iconix paid Jay-Z more than $200 million for Rocawear assets
But in March 2016, the company announced a $169 million write-down of Rocawear, followed by a $34 million write down in March of this year,
the SEC said.In a statement issued through Jay-Z's attorneys, a representative said he was outside the scope of the SEC inquiry."We are
aware that the SEC is seeking information on Iconix's financial reporting
Carter had no role in that reporting or Iconix's other actions as a public company," the representative said."Mr
Carter is a private citizen who should not be involved in this matter."The SEC says it is seeking Jay-Z's testimony about his joint ventures
with Iconix among other matters but the action announced Thursday is not an indication he has violated securities laws.(Except for the
headline, this story has not been edited by staff and is published from a syndicated feed.)
