Hip Hop mogul Shawn “Jay-Z” Carter has agreed to testify in a Security and Exchange Commission (SEC) investigation over the accounting practices of Iconix Brand Group, the company that bought Rocawear over ten years ago for over $200 million.
The current owners of Iconix Brand Group are being investigated for allegedly violating federal securities laws in their financial reporting of Rocawear accounts.
Last week, Jigga was summoned to court in NYC to answer questions about the deal with Iconix. The former Rocawear owner was accused of ducking the subpoenas issued by federal authorities at the SEC, but his lawyers agreed that Jay-Z would testify, but only for one day.
“The SEC continues to insist on meeting Mr. Carter in person for an unlimited period of time. The upshot imposes unreasonable burdens on Mr. Carter and raises serious questions about whether this exercise has transcended any investigative purpose and crossed over into a celebrity hunt,” says Jay-Z’s lawyer Alex Spiro.
Spiro added that the SEC’s request would impair his client’s ability to prepare for his joint summer tour with his wife Beyonce, which is slated for June launch.