Published: Fri, May 04, 2018
Culture&Arts | By Hattie Nash

Jay-Z's Got 99 Problems And This SEC Subpoena Might Be One

Jay-Z's Got 99 Problems And This SEC Subpoena Might Be One

According to the SEC's application in a federal district court in Manhattan, the government watchdog is probing possible violations of federal securities laws connected with the purchase of Carter's Rocawear apparel brand by Iconix Brand Group Inc. Rather, the agency is focused on Iconix, a brand management company that owns labels including Candie's, London Fog and Rampage. On February 23, 2018, after Carter retained new counsel, the SEC issued a second subpoena for Carter's testimony. It said it's investigating in case national regulations were violated while the company reported benefits, including approximately its Rocawear-related belongings Iconix to learn.

Carter and business partner Damon "Dame" Dash sold the rights to their urban apparel line Rocawear to Iconix in 2007 for $204 million. It also said that it wants to learn about his other businesses that did business with Iconix along with also his awareness of the wisdom and goal of individuals who realized of trades involving his organizations Jay-Z along with Iconix.

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He added that he was positive about the outlook for 2018. "This has enabled us to announce a further share buyback", he said. HSBC said the buyback would be the only one this year, "in light of the growth opportunities that we now see".

If Carter fails to show up in court, he could be found in contempt, according to a court filing.

In November, the rapper failed to appear after an initial SEC order.

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In a statement issued through Jay-Z's attorneys, a representative said he was outside the scope of the SEC inquiry.

Iconix lawyers didn't immediately return emails seeking comment. That indicates Iconix overvalued the asset.

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In 2016, Iconix publicly announced a $169 million write-down of Rocawear (a "write-down" being a reduction in its estimated value), followed by another write-down of $34 million in March of this year. And just a year ago, the company triggered another Rocawear write-off to the tune of $34 million. He has also built an entertainment, sports and merchandise conglomerate under his Roc-A-Fella umbrella that includes a talent agency, production company, record label and investment arm, among other things.

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