Skip to main content

Judge orders Jay-Z to appear in court after ignoring SEC subpoenas

                               Judge orders Jay-Z to appear in court after ignoring SEC subpoenas
A federal judge has ordered Shawn Carter 'Jay-Z' to explain why he shouldn't have to testify in an SEC probe into Iconix, the company that now owns the Rocawear clothing brand he co-founded.

Jay Z must now appear in a Manhattan court room on May 8th to make his case, according to a court document made public on Thursday. The SEC (Securities and Exchange Commission) said it asked a federal judge to step in after Carter ignored two subpoenas requesting his testimony.

Though Jay Zis not the focus of the SEC probe, rather the agency is focused on Iconix, a brand management company that owns labels including Candie's, London Fog and Rampage. Carter and business partner Damon "Dame" Dash sold the rights to their urban apparel line Rocawear to Iconix in 2007 for $204 million.

The SEC says Carter and Iconix "maintained publicly-disclosed partnerships related to the Rocawear brand" after the sale. Regulators are investigating "potential violations" of federal financial disclosure laws by Iconix, the SEC said in a statement. As part of that probe, the investigators issued Carter a subpoena seeking his testimony in November 2017 but he never showed up. It issued a second subpoena in February that Carter also ignored.

The SEC said that its efforts to force Carter to testify in the probe do "not reflect a determination by the SEC" that he violated federal law, the agency said. When reached for comment, a representative for Carter issued a statement saying 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," the statement reads.

If Jay Z fails to show up in court, he could be found in contempt, according to a court filing. And if he fails to convince the judge that he should not have to testify in the SEC probe, he could be forced to give his testimony on May 11.

Comments

Post a Comment

Popular posts from this blog

Man remanded for allegedly defiling minor

                                                  An Ado-Ekiti Magistrates’ Court yesterday remanded a 33-year-old man, Uchenna Igbwe, in prison custody, for alleged defilement of a minor. Magistrate Omolola Akosile did not take the plea of the accused, as there was no legal representative to stand for him. She referred the matter to the Director of Public Prosecution (DPP) for legal advice, and adjourned the case till July 2 for mention. The accused, whose address was not provided, is standing trial on a one-count charge of child defilement. Prosecutor Monica Ikebuilo told the court the accused committed the offence on May 14 in Ado-Ekiti. She alleged the accused lured the four-year-old girl and defiled her. Ikebuilo said the offe...
Post a Comment
Read more

Gunmen kidnap Cross River Senator's personal assistant, demand N10 Million ransom

                                                       Unknown gunmen have kidnapped Mr Umera Umera, the Personal Assistant to Senator Gershom Bassey, Senator representing Cross River State Southern Senatorial District. It was gathered that the incident occurred in Umera's home at Jebbs area of Calabar South,  on Thursday night. According to reports, the gunmen invaded the area, shooting sporadically before abducting the senator’s PA into a speed boat through Anantigha water side. The gunmen are demanding a ransom of N10 million before Umera can be released. Speaking to journalists,  Senator Bassey assured that Mr Umera would be rescued from the kidnappers.
Post a Comment
Read more

Delta State traditional ruler, Chief Newton Agbofodo sentenced to death

                      Chief Newton Agbofodo, the embattled community head of Ekpan, Uvwie Council Area of Delta State, has been sentenced to death. He's one of the highest ranking chiefs of Uvwie Kingdom. He was arrested on June 17, 2016, and was later arraigned in court for crimes bordering on murder. He  was sentenced by the Delta State High Court 4, in Asaba, after being found guilty of all four count charges  preferred against him. He was sentenced to death by hanging.?. Charges preferred against him were conspiracy to commit murder, the substantial offence of murder, conspiracy to commit attempted murder and an attempted murder. According to reports, he was alleged to have been linked to series of killings within Ekpan and its environs, including the murder of one Edigbe Ikpesa sometime in Oc­tober 2012. He was also implicated in the Delta Mall robbery/wanton de­struction in January, 2016.
Post a Comment
Read more