Z Subpoenaed by Securities and Exchange Commission in Iconix investigation

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A federal judge has ordered Shawn Carter, better known as 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.

Just this (Thursday) morning, federal judge Paul Gardephe ruled that sufficient evidence existed to compel Sean Carter's participation in a broader investigation related to alleged financial violations. "Mr Carter had no role in that reporting or Iconix's other actions as a public company", a representative for Jay-Z said in a statement to CNBC. Rather, the SEC states that it initially issued a subpoena for Carter's testimony on November 16, 2017, but Carter did not comply.

However, the new owners are now under investigation on suspicion of violating federal securities laws in their financial reporting of Rocawear accounts. "Mr. Carter is a private citizen who should not be involved in this matter".

Jay-Z will probably be required to respond questions to get since many days as it happens and will be asked to show up ahead of the SEC in Washington, " the judge claimed.

Jay must appear on May 8th at 3 PM to provide cause why an order shouldn't be issued for his testimony.

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Iconix announced a $169-million write down for Rocawear in early 2016 and another writedown of $34 million this year.

Among other things, the SEC said it wants Jay-Z to reveal the value of the Rocawear trademark and his involvement with the brand after the sale to Iconix.

Iconix attorneys failed to immediately return e mails seeking comment.

American rapper Jay-Z, pictured here performing at Bercy stadium in Paris, October 17, 2013, is in legal trouble for dodging a subpoena.

Carter, who married 22-time Grammy award victor Beyoncé in 2008, is worth an estimated $810 million, according to Forbes. Shares for the company are down almost 7% in trade today after this news.