A judge wants Jay Z in court next week to explain why he’s been ducking them after two subpoenas in a fraud case. Get the deets inside…
Jay Z will have to clear his schedule next week to appear in court after a judge has ordered him to make an appearance to answer a few questions.
A federal judge wants to ask the Hip Hop mogul why he’s reportedly “dodging” a subpoena related to a Securities and Exchange Commission investigation of a company that bought his Rocawear clothing line.
According to Billboard, U.S. District Judge Paul G. Gardephe instructed the rapper, real name Shawn Carter, to appear in a Manhattan courtroom next Tuesday to explain why he shouldn't have to testify in an SEC probe into Iconix. In 2007, Hov sold Rocawear to Iconix for $204 million.
They’re not investigating Hov, but they need his testimony in the case.
According to a court document made public recently, the SEC is investigating "potential violations" of federal financial disclosure laws by Iconix when the company reported financial results, including about its Rocawear-related assets.
A rep for Hov issued a statement saying the entertainer had no role in Iconix’s financial reporting or its actions as a public company. The statement said the rapper is a private citizen “who should not be involved in this matter.” The SEC got the federal judge involved after Jay allegedly “defied two lawful subpoenas.”
Billboard reports:
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. It also said it wants to learn about his other companies that did business with Iconix and his awareness of the knowledge and intent of other people who knew of transactions involving Jay-Z, his affiliated companies and Iconix.
Jay Z is set to go before the judge on May 8th to try and convince him why he shouldn’t have to deliver a testimony in the fraud cause against Iconix. If he fails to convince the judge that he shouldn’t have to testify, then he will be forced to give his testimony before the SEC in Washington on May 11th. It’s reported he will be required to answer questions for as many days as it takes. Sheesh.
This news comes on the heels of reports that Hov's Roc Nation is launching a television division to be headed by Weinstein Co. alum Patrick Reardon.
Photos: Getty
