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Court says Jay-Z must testify in SEC investigation 

By | Published on Wednesday 9 May 2018

Jay-Z

A US court has ordered Jay-Z to testify as part of a Securities & Exchange Commission investigation into the Iconix Brand Group, which is a partner in Jay-Z’s Rocawear fashion brand.

The SEC is investigating allegations that Iconix may have broken financial reporting rules. It has been trying to subpoena the rapper – aka Shawn Carter, for subpoena purposes – since last November, so to question him about his business partner.

For his part, Carter has been trying to avoid testifying about Iconix, insisting he has no knowledge of the company’s finances or reporting practices, and therefore nothing of value to contribute to the SEC’s investigation. To that end, the SEC urged the court to force the rapper to answer its questions.

Though in court papers filed earlier this week, a legal rep for Carter said his client was actually happy to speak with the SEC. However, he was concerned that the regulator seemed to want open-ended access to Carter, who is very busy indeed, not least with a world tour to prepare for.

With that in mind, said lawyer said he was happy with yesterday’s court ruling which orders Carter to testify before the SEC on 15 May. Presumably it’s thought the court ordered commitment on Carter’s part is more realistic. The lawyer told reporters: “We are pleased with the decision”.



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