Jay-Z subpoenaed by SEC, papers say

Jay-Z Receives Investigative Subpoena from the SEC

Iconix paid Carter more than $200 million to acquire "intangible assets" associated with his Rocawear apparel brand.

The SEC is now investigating potential violations of the federal securities laws related to financial reporting of Iconix Brand Group, Inc., which licenses brands to apparel, footwear and apparel accessory retailers and manufacturers, according to documents filed in federal court.

American rapper Jay-Z, pictured here performing Bercy arena in Paris, Oct 17, 2013, is now in trouble.

The Securities and Exchange Commission subpoenaed Jay-Z on Thursday.

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Jay-Z has also been ordered to appear in federal court next week to explain why he shouldn't be ordered to testify in the SEC investigation. The agency would like to talk to him about, "among other things, Carter's joint ventures with Iconix".

The agency wants Jay-Z's testimony in looking at the brand management company's write down of the value of Rocawear by $169 million in March 2016 and an additional $34 million this year.

"Mr. Carter is a private citizen who should not be involved in this matter", they add. Carter was initially subpoenaed in November 16, 2017. According to the SEC, his lawyers did not provide any dates when he would be available to testify. The interview "may prove that Mr. Carter does not have relevant information, but that is not a basis for not complying", he said.

Now, the SEC if fighting back. Rocawear was one of his early business successes.

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Carter sold Rocawear to Iconix for $204 million in 2007, but maintained significant creative control of the brand.

A representative from Iconix did not immediately respond to CNBC's request for comment.

The company, which began 40 years ago as the shoe company Candie's, has grown to include more than two dozen American brands, including Danskin, Umbro and London Fog that the company licenses to mainstream retailers. In Thursday trading, Iconix shares were plunging - which is usually the impact of an SEC investigation into potential shadiness.

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