SEC Goes After Jay-Z For Answers About His Former Rocaware Business
NEW YORK (CBSNewYork) - Rap star and entertainment mogul Jay-Z was in federal court in Manhattan to answer questions from the Securities and Exchange Commission.
Cameras caught him leaving the courthouse late this afternoon.
The SEC says it is investigating the Iconix Brand Group and filed a subpoena on Shawn Carter, Jay-Z's birth name, to appear in court.
Jay-Z sold his Rocaware apparel brand to Iconix more than 10 years ago for about $204 million.
In March 2016, Iconix announced a $169 million write down of Rocawear, and in March of this year, it made a further write down of $34 million.
Lawyers for Jay-Z say the SEC has gone on a "celebrity witch hunt" by demanding that he submit to unlimited questioning about his various business interests.
The mogul was expected to be asked about the value of the Rocawear trademark following the sale, during which he stayed on to oversee marketing and product development, according to The Guardian.
Rocawear was founded in 1999 by Jay-Z and business partner Damon Dash to sell streetwear and accessories.