Jay-Z Ordered to Testify in Financial Probe
Style Magazine Newswire | 5/18/2018, 1:54 p.m.
Jay-Z
Source: BlackAmericaWeb.com
A judge has said that Jay-Z must spend a day answering questions from the Securities and Exchange Commission in a financial probe of a company he sold his apparel business to over a decade ago. U.S. District Judge Paul ruled that the singer whose birth name is Shawn Carter must answer the SEC’s questions for a full day and maybe more. Lawyers for the SEC and Jay-Z settled on May 15 for a deposition that will take place at an undisclosed location at Jay-Z’s request. Before ordering the deposition, Gardephe described the factual history of the investigation into the finances of the Iconix Brand Group and how they relate to the Rocawear apparel brand that Jay-Z sold to Iconix in 2007. The judge said he had presided over other litigation involving Iconix and concluded there was “ample basis” for the SEC to be investigating the company’s finances, especially after the company twice had to restate earnings for 2013 and 2014.
