Jay-Z to Testify Next Week in SEC Investigation Into Rocawear

Jay-Z to Testify Week in SEC Investigation Into Rocawear

Jay-Z, hip-hop and business mogul, has been ordered by a NY federal judge to testify in a securities fraud investigation involving the rapper's former fashion brand, Rocawear.

Lawyers for the SEC and Jay-Z settled on May 15 for a deposition that will take place at an undisclosed location at Jay-Z's request.

Paul Gardephe, US district judge, on Tuesday ordered the enforcement of the SEC's subpoena to press Jay-Z in person on the details of his involvement with the Iconix Brand Group as part of the investigation into possible securities fraud.

The SEC says it first issued a subpoena for Hova's testimony in November of 2017, followed by a second subpoena in February of this year after he retained new counsel. "The upshot imposes unreasonable burdens on Mr. Carter and raises serious questions about whether this exercise has transcended any investigative objective and crossed over into a celebrity hunt", says Jay-Z's lawyer Alex Spiro.

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U.S. market regulators are investigating possible securities law violations by the Iconix Brand Group, which markets apparel brands including Joe Boxer and London Fog.

Although Spiro offered a spirited argument in court papers Monday for his client's busy schedule making it hard to spare more than a day for a deposition, he did not protest the judge's order Tuesday, even when Gardephe said he might order the questioning to extend past a day if it became necessary.

In a statement issued through Jay-Z's attorneys last week, a representative said the star "had no role" in Iconix's actions as a public company, and was "a private citizen who should not be involved in this matter".

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