Jay-Z may be in some hot water, #Livesqaud. The Securities and Exchange Commission has issued a subpoena against the rapper, whose real name is Sean Carter, for failing to testify as a part of an agency investigation.
Jay has not been accused of wrong doing, according to the SEC regulator, however he has failed to appear and provide a testimony after being previously subpoenaed.
The SEC is investigating the accounting practices of Iconix Brand Group Inc, who in 2007 paid $200 million dollars to gain assets from the rapper’s Rocawear apparel brand.
The SEC says Iconix wrote down the value of Rocawear $169 million in 2016 and $34 million this year and now need a testimony to proceed with their investigation.