In 2007, Rapper Jay Z sold his Rocawear brand to Iconix for 200 million dollars. This sale is now being questioned by The Securities and Exchange Commission in a court case. The government body has been investigating the brand that bought Rocawear for accounts misappropriation and the rapper has been subpoenaed to testify about this in court.
The rapper whose real name is Shawn Carter has ignored several subpoenas that SEC has sent him. The SEC started investigating Iconix Brand Group Inc in 2015 after the company allegedly flaunted the law on federal securities. The government body isn’t investigating the rapper, they, however, want him to discuss his affiliation to Iconix. Previously, Jay Z has been sending his attorney to represent him in the court proceedings. He has also not been presenting the SEC with any other alternative dates of appearing before them. The SEC revealed these facts to the judge who was presiding over the case. Subsequently, the Judge Paul Gardephe ordered the rapper to ensure that he is in court on May 8th. It is on this day that Jay Z will clarify why he doesn’t want to provide evidence in the investigations against Iconix.
However, through his spokesperson, Jay Z sent a news release to a reputable American TV station that stated that the rapper didn’t have any role to play in the finances of Iconix. The statement revealed that the rapper was never involved in the public company’s affairs. This is because he is a private American citizen who was never involved in Iconix financial affairs.
Just this week a renowned international media outlet reported that Jay Z (Shawn Carter) was hit with another lawsuit this Thursday on 3rd May. The report revealed that the rapper’s lawsuit was from a law firm in Sweden that allegedly claimed the rapper’s company hasn’t completed paying the dues accrued from a deal they made of purchasing Aspiro AB in 2015. The Swedish company owned the Tidal streaming service that S. Carter Enterprises now owns.