The U.S. Security and Exchange Commission (SEC) on Thursday ordered music mogul and businessman Jay-Z to explain details of the sale of his clothing line to determine whether it violated federal security laws.
The regulator wants to question Shawn “Jay-Z” Carter about the $200 million sale of his Rocawear clothing label in 2007 to the Iconix Brand Group, Inc, the SEC said in a statement.
“The Commission seeks Carter’s testimony to inquire about, among other things, Carter’s joint ventures with Iconix,” the SEC said, adding that it had questions about whether federal securities laws were breached.
“We 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,” a representative for Jay-Z said in a statement to CNBC.
“Mr. Carter is private citizen who should not be involved in this matter,” the statement said.
– By Karanga Johnson, 3 May 2018
Photo: Rich Thane