RadioOnFire.com - After disregarding multiple subpoenas to testify in the Securities and Exchange Commission's probe into Iconix Brand Group, JAY-Z finally stopped through a lower Manhattan court for questioning on Tuesday, May 15.
Jay had repeatedly failed to obey a federal judge's requests that he show up to address a set of inquiries into some of the business logistics behind his old Rocawear imprint. Prior to his eventual compliance in the case, the Roc Nation mogul received as many as three letters calling for his appearance. To the frustration of the SEC, he'd prove to be a no-show at each of the three hearings.
The feds are currently looking into Iconix's past accounting practices for possible securities law violations. The company is also being charged with the misrepresentation of brands. In 2007, Jay sold the portion of Rocawear ownership he held for eight years to Iconix for $204 million. He remained on board to oversee marketing and product development for a time.
Up until this point, JAY-Z has contended that his busy schedule has kept him from tending to the SEC's investigation. Meanwhile, his legal team has defended that he has nothing to offer to the scope of the investigation because he hasn't controlled any of Rocawear's assets in over a decade.
Source: mynews13.com
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