Quote
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.
Carter must appear in a Manhattan court room on May 8 to make his case, according to a court document made public Thursday.
The SEC said it asked a federal judge to step in after Carter ignored two subpoenas requesting his testimony.
Carter is 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 Thursday 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. It's unclear if he plans to appear in court next week. The representative was not immediately available to answer additional questions.
If Carter 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.
Iconix did not respond to a request for comment Thursday.
The SEC said in its statement Thursday that Iconix had to write down the value of its Rocawear purchase after the fact. That indicates Iconix overvalued the asset.
"In March 2016, Iconix publicly announced a $169 million write down of Rocawear, and in March of this year, Iconix announced a further write down of $34 million," the statement reads.
Further details about the probe or Iconix's association with Carter were not immediately available.
Carter, who married 22-time Grammy award winner Beyonc? in 2008, is worth an estimated $810 million, according to Forbes.
In 1996, Carter formed Roc-A-Fella Records with friends Dash and Kareem "Biggs" Burke specifically to market the rapper's music.
Carter and his partners sold Roc-A-Fella to Island Def Jam, and he was appointed to a new role as president and CEO of Def Jam Recordings in 2004.
In 2008, the rapper founded the entertainment company Roc Nation, which includes a record label that is home to artists like Drake and Rihanna.
Carter also once owned a small part (0.15%) of the New Jersey Nets, and helped make them the Brooklyn Nets. He sold his stake to Jason Kidd and an unidentified investor in 2013.
That same year, Carter formed Roc Nation Sports, which manages professional athletes.
He also co-owns the 40/40 Club sports-bar chain, and is an investor in several other restaurants, including New York hotspot The Spotted Pig.
:usureuok:
https://www.cnn.com/2018/05/03/entertainment/jay-z-court-appearance/index.html
Lock him UP.
fckin finally
beys nex
Does this mean no OTR tour or joint album?
:damselindistress:
Quote from: Choke on May 03, 2018, 08:32:09 PM
Does this mean no OTR tour or joint album?
:damselindistress:
not unless they're streaming the tour from his prison cell :ATLcameo:
Ack!!!!!!
Time for B7
(https://media.giphy.com/media/navajMPLHKpLq/giphy.gif)
kj bhnvvvvvvvvvv
better get DC on standby for the tour
Quote from: Choke on May 03, 2018, 08:32:09 PM
Does this mean no OTR tour or joint album?
:damselindistress:
oh no, so sad
:caseoftheherp: :wellheythere: :hehe: :heythere: :lopsided: :welllol: :butwait!: :gotchafag: :sistas: :scrumptious:
Quote from: AYR on May 03, 2018, 08:38:55 PM
kj bhnvvvvvvvvvv
better get DC on standby for the tour
the rumor is that?s already been in the works
Quote from: 1RIG on May 03, 2018, 08:49:07 PM
Quote from: AYR on May 03, 2018, 08:38:55 PM
kj bhnvvvvvvvvvv
better get DC on standby for the tour
the rumor is that?s already been in the works
that would really be amazing
I kinda felt it with the reception it got and everything
Quote from: 1RIG on May 03, 2018, 08:49:07 PM
Quote from: AYR on May 03, 2018, 08:38:55 PM
kj bhnvvvvvvvvvv
better get DC on standby for the tour
the rumor is that?s already been in the works
boy pls at these fairytales
On the run, indeed.
omf look at God, we're about to get that SOLO tour and album ack! :blessed:
That?s what that ugly bitch get for cheating on the QUEEN
BITCH
[youtube autoplay=1]https://www.youtube.com/watch?v=sFiDDQcin1o[/youtube]
Quote from: AYR on May 03, 2018, 08:58:58 PM
Quote from: 1RIG on May 03, 2018, 08:49:07 PM
Quote from: AYR on May 03, 2018, 08:38:55 PM
kj bhnvvvvvvvvvv
better get DC on standby for the tour
the rumor is that?s already been in the works
that would really be amazing
I kinda felt it with the reception it got and everything
:loose2when:
Hope they do more songs if true
if yall think he's going anywhere close to a jail cell your mistaken
this probably has heavy hitter attorneys who dont lose
this is a federal investigation if he carried any guilt his pending testimony wouldn?t be up for debate.
Mariah going to jail for rubbing her kitty in front of Stella.
Quote from: element on May 03, 2018, 09:21:03 PM
omf look at God, we're about to get that SOLO tour and album ack! :blessed:
:omf:
Quote from: Baph Savalli. on May 03, 2018, 07:59:45 PM
Carter is 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.
Baph, please.
Close this.
I can?t wait to see what Bey wears to court
I hope she goes for an all black Black Widow tea
:gorlonfire:
Quote from: XXX. on May 04, 2018, 12:21:44 PM
Quote from: Baph Savalli. on May 03, 2018, 07:59:45 PM
Carter is 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.
Baph, please.
Close this.
jhjhjhjh
:ummwhat:
Quote from: Baph Savalli. on May 04, 2018, 12:49:19 PM
Quote from: XXX. on May 04, 2018, 12:21:44 PM
Quote from: Baph Savalli. on May 03, 2018, 07:59:45 PM
Carter is 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.
Baph, please.
Close this.
jhjhjhjh
:ummwhat:
WAIT!
I just remembered him forgetting all the words to "Deja Vu" at Coachella.
Keep it open.
:nowgorl:
Quote from: XXX. on May 04, 2018, 12:50:16 PM
Quote from: Baph Savalli. on May 04, 2018, 12:49:19 PM
Quote from: XXX. on May 04, 2018, 12:21:44 PM
Quote from: Baph Savalli. on May 03, 2018, 07:59:45 PM
Carter is 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.
Baph, please.
Close this.
jhjhjhjh
:ummwhat:
WAIT!
I just remembered him forgetting all the words to "Deja Vu" at Coachella.
Keep it open.
:nowgorl:
hbggdgfff
He remembered the second time
(https://pbs.twimg.com/media/DcUFjWhWkAEBoA4.jpg)
tha way u faggots are gonna eat GRASS aftr upcoming events prove am right 'bout..well evrything! ack-rah!
(https://uploadir.com/u/cx7kb9d0)
Quote from: Outta tha box darkness gorl on May 04, 2018, 02:04:44 PM
(https://pbs.twimg.com/media/DcUFjWhWkAEBoA4.jpg)
tha way u faggots are gonna eat GRASS aftr upcoming events prove am right 'bout..well evrything! ack-rah!
(https://uploadir.com/u/cx7kb9d0)
(https://aws-api-beyonce.parkwood-digital.com/uploads/2014/04/cache/k5E3ddoHxVdq_700x470_KaMXZQjO.jpg)
ughjnmmmmmmmmc
(https://uploadir.com/u/kdtn0qg5)
Gdvbbhjj
Y?all so evil
Quote from: Choke on May 03, 2018, 08:38:25 PM
Ack!!!!!!
Time for B7
(https://media.giphy.com/media/navajMPLHKpLq/giphy.gif)
:shannonsmissing:
https://www.cnbc.com/amp/2018/05/08/jay-z-is-a-no-show-in-federal-court.html?__source=sharebar%7Ctwitter&par=sharebar&__twitter_impression=true
:omgwatshappening: he really doesn?t give a fuck about this it seems
Quote from: YAH. on May 04, 2018, 02:10:23 PM
Quote from: XXX. on May 04, 2018, 02:09:56 PM
Quote from: Outta tha box darkness gorl on May 04, 2018, 02:08:46 PM
ughjnmmmmmmmmc
(https://uploadir.com/u/kdtn0qg5)
:plzstop:
JNNNNNNBBBNNNNNNNNNNNzbsnnnnsdnnxnxnMmznsnsn
dfsjjjjjjjjjvxcmncxmvnmcxvnnxcnvncxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Are yawl fckn okay ?
:uhh:
That Met Gala vacation story is seeming more and more suspect
It was most likely a ploy to avoid going to court
QuoteJAY-Z
Sorry SEC, No Time to Testify ...
I'M GOING ON TOUR!
(https://images.tmz.com/2018/05/07/0507-jay-z-tmz-getty-4.jpg)
Jay-Z's time is money and holding him up for anything more than a day would seriously harm his upcoming 45-date world tour and those working on it, according to new legal docs.
Jay-Z is supposed to appear in court Tuesday and explain to SEC investigators why testifying for more than a day is out of the question.
A judge also set a preliminary date of May 11 for his testimony, but Jay says giving testimony on that date, less than 3 weeks shy of his tour "will impair the work of many individuals and entities who are preparing for the tour and will hinder my own work in preparation for the tour."
The SEC is investigating the $200 million sale of Jay-Z's Rocawear clothing line to Iconix Brand Group in 2007 and whether Iconix violated federal securities laws.
http://www.tmz.com/2018/05/07/jay-z-sec-investigation-too-busy-world-tour/
Cody... at most..
What can happen by him completely swerving on this ?
Quote from: Baph Savali. on May 09, 2018, 01:19:02 AM
Cody... at most..
What can happen by him completely swerving on this ?
I'm not sure, because every situation is different. But he definitely can be held in contempt of court. And after that, a number of things can happen from fines to jail time.
But I highly doubt that will happen to someone as rich and powerful as Jay-Z. In the end, I'm sure he'll testify -- which he's trying to negotiate now. And he'll probably get his way that he can only do it one day.