Jay-Z Draws Subpoena for Refusing to Cooperate in SEC Probe
- Agency is seeking rapper’s testimony in probe of Iconix
- Iconix has written down Rocawear after buying from Jay-Z
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Jay-Z is in hot water with Wall Street’s top regulator.
The hip-hop mogul, whose given name is Shawn Carter, is the target of a Securities and Exchange Commission enforcement subpoena after failing to testify as part of an agency investigation of accounting practices at Iconix Brand Group Inc., which paid $200 million to acquire assets from his Rocawear apparel brand in 2007. The agency is seeking Carter’s testimony after Iconix wrote down the value of Rocawear by $169 million in March 2016 and another $34 million this year, the SEC said.