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SEC wants Jay-Z to testify about clothing brand deal

Joe Mont | May 3, 2018

The Securities and Exchange Commission, on May 3, filed a subpoena enforcement action against Shawn Carter, better known as rapper Jay-Z. It seeks an order directing him to comply with an investigative subpoena for his testimony.

According to the application and supporting papers, filed in federal court in the Southern District of New York, the SEC is investigating potential violations of federal securities laws related to the financial reporting of New York-based Iconix Brand Group, a brand management company and owner of a portfolio of brands that includes Ecko, Candie’s, Danskin, Joe Boxer, Ed Hardy, Pony, and Starter.

Iconix paid Carter more than $200 million to acquire “intangible assets” associated with his Rocawear apparel brand. After the acquisition, Carter and Iconix maintained publicly disclosed partnerships related to the Rocawear brand.

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