Entertainment JAY-Z's lawyer hits back at SEC subpoena

11:46  08 may  2018
11:46  08 may  2018 Source:   covermg.com

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JAY - Z had been accused of ignoring two prior subpoenas issued by authorities at the U. S . Securities and Exchange Commission ( SEC ), but now his lawyers are fighting back , claiming he agreed to testify for one day, and is simply objecting to their request for unlimited additional days in court

A federal judge has ordered Jay - Z to appear in court to explain why he' s ignored subpoenas related to an SEC probe.

JAY-Z wearing a suit and tie walking down the street© Provided by Cover Media JAY-Z is too busy preparing for his upcoming tour to testify for more than one day in relation to the 2007 sale of his Rocawear clothing brand, according to his lawyers.

The 99 Problems star hit headlines on Friday (04May18) after he was summoned to appear in a New York court on Tuesday (08May18) to answer questions about the deal he signed with Iconix Brand Group bosses, who purchased the streetwear company for $200 million (£147 million) over a decade ago.

The new owners are under investigation for allegedly violating federal securities laws in their financial reporting of Rocawear accounts.

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Jay - Z lawyer : Securities and Investigation Commission subpoena may be a 'celebrity hunt'. Iconix bought assets of Jay - Z ' s Rocawear, and the rapper and Iconix have Rocawear-related partnerships, the SEC says.

Shawn Corey Carter (born December 4, 1969)[2][3] known professionally as Jay - Z (stylized as JAY - Z ),[a] is an American rapper and businessman. He is one of

JAY-Z had been accused of ignoring two prior subpoenas issued by authorities at the U.S. Securities and Exchange Commission (SEC), but now his lawyers are fighting back, claiming he agreed to testify for one day, and is simply objecting to their request for unlimited additional days in court, as their superstar client knows little about the focus of the investigation.

In documents filed on Monday (07May18), JAY-Z's lawyer Alex Spiro writes: "The SEC continues to insist on meeting Mr. Carter in person for an unlimited period of time. The upshot imposes unreasonable burdens on Mr. Carter and raises serious questions about whether this exercise has transcended any investigative purpose and crossed over into a celebrity hunt."

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Jay - Z has been ordered by a federal judge to explain why he shouldn't be forced to testify in an ongoing investigation by the Securities and Exchange Commission . According to the SEC , a subpoena for the artist' s testimony was originally issued on November 16.

Jay - Z is the target of Securities and Exchange Commission enforcement action for failing to testify in investigation into Iconix Brand Group. Jay - Z Subpoenaed After Refusing to Cooperate With SEC Investigation of 0 Million Deal.

Spiro also explains granting the SEC officials' request would "impair" JAY-Z's preparations for his massive joint summer tour with his wife Beyonce, which kicks off in June (18).

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