Source: Lachlan Cunningham / Getty
Jay-Z now finds himself in the middle of what could become a larger legal issue involving the independent government agency, U.S. Securities and Exchange Commission. SEC officials subpoenaed the rapper born Shawn Carter in regards to an investigation into his connection to a company that has potential violations related to financial reporting on the federal level.
Jay-Z was ordered to appear in court on Tuesday to testify in an investigation into the Iconix Brand Group but the rapper did not appear.
U.S. District Judge Paul Gardephe, who is handling the case, expressed his frustration with Jay-Z whose real name is Shawn Carter, saying, “This testimony has been delayed for five months and I do not intend to tolerate any more delays.”
A subpoena for Jay-Z’s testimony was initially issued in November and again in February, but he has not offered the Securities and Exchange Commission any dates for a court appearance according to an SEC filing Thursday.
Iconix Brand Group allegedly paid Jay-Z over $200 million to acquire Rocawear assets, but the company landed on the SEC’s radar due to its reportedly faulty reports regarding finances. In a New York Daily News report, it was revealed Jay-Z filed an affidavit on Monday (May 7) which signaled he was in California rehearsing for his tour and thus would not make the court visit.