Judge To Jay Z: Explain Why You Ignored Subpoena
NEW YORK (CBSNewYork) - A New York judge says rapper Jay Z must explain why he ignored a February subpoena from the Securities and Exchange Commission.
The SEC is looking into Iconix Brand Group. Jay Z, whose real name is Shawn Carter, sold his Rocawear Apparel line to Iconix more than a decade ago for $204 million.
The SEC is trying to determine if Iconix broke federal trade laws when reporting financial results, and that Carter continued his partnership with them even after the sale.
Carter's attorney's say his schedule is especially hectic right now, with a tour about to kick off. His attorneys believe the investigation has crossed over into a "celebrity hunt," accord to the Associated Press.
Carter's camp says it has agreed to take questions for one day.
