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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According to Time, Jay Z has been subpoenaed by the Securities and Exchange Commission ( SEC ) in order to obtain testimony from him regarding a business deal he made back in This isn’t even the first time he was subpoenaed over this, having been hit with the first one in November of last year

The SEC initially issued a subpoena for Carter' s testimony in November. According to the SEC , his lawyers did not provide any dates when he would be available to testify. "The SEC doesn't typically back down".

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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The release notes that the SEC initially subpoenaed Jay - Z to testify in November and sent a second request in February, when the rapper was under new counsel, and that he still has not provided any dates in which he will appear in court.

Jay - Z is set to appear in court, having been issued a subpoena by the Securities and Exchange Commission ( SEC ) as part of an investigation into the sale of his Rocawear clothing brand.

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.

Federal court is looking up to Jay - z for a necessary and why he dodged court appearance since he was order to testify in SEC probe into Iconix, the company that now owns the Rocawear clothing brand he co-founded as CNN reported.

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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