The SEC said it subpoenaed Jay-Z in November and again in February after he hired new lawyers
Washington:
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. Mr. 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 NDTV staff and is published from a syndicated feed.)
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. Mr. 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 NDTV staff and is published from a syndicated feed.)
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