Attorneys for JAY-Z are firing back at the Securities and Exchange Commission who have summoned the Roc Nation mogul to answer questions about a company he sold his Rocawear brand to over a decade ago.
According to Page Six, the SEC wants to depose JAY-Z as part of its probe into possible securities fraud in the reporting of Iconix Brand Group’s financial dealings. The SEC claims that the veteran rapper continued to do business with Iconix after he sold his Rocawear apparel brand other assets for $204 million. The SEC also claims JAY-Z has been dodging two subpoenas to appear in court.
On Monday (May 7), the rapper’s lawyers have submitted documents in Manhattan federal court calling SEC’s subpoenas “unreasonable” and “oppressive.” They also insist that JAY-Z, whose real name is Shawn Carter, has no knowledge of Iconic Brand’s financial dealings and he should not be involved in the matter.
“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,” JAY-Z’s lawyers wrote in their motion.
JAY-Z is expected to appear before the SEC in Washington, D.C., on Friday (May 11). His attorneys want him to answer questions for one day only. They argued that any additional testimony will impair the work of people who are preparing his upcoming “On the Run II” world tour as well as impede JAY-Z’s preparation for the trek.
Reps for the Securities and Exchange Commission had no comment on the matter.