Jay-Z has been ordered to appear in court after he ignored two subpoenas to testify in a probe of a company called Iconix.
Iconix is the company that took over ownership of the rapper’s former clothing line Rocawear. Back in November 2017, investigators sent Jay-Z a subpoena seeking his testimony, as regulators are looking into “potential violations” of federal financial disclosure laws by Iconix, the SEC said in a statement.
However, Hov never showed up in court after the first subpoena or the second one, which was sent to him in February.
Jay sold the rights of Rocawear to Iconix in 2007 for $204 million. According to the SEC, Jay and Iconix “maintained publicly-disclosed partnerships related to the Rocawear brand” after the transaction.
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The Brooklyn rapper now has a court date scheduled for May 8, where he must explain why he shouldn’t have to testify. A representative for Jay said they “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. Mr. Carter is a private citizen who should not be involved in this matter.”
If Jay-Z fails to appear court, he could be found in contempt. Additionally, if he doesn’t convince the judge that he has no reason to testify in the investigation he will likely be forced to on May 11.
