Jay-Z In Legal Face Off With SEC Over Business Transaction Worth Over $200 Million

More money, they say more problem, and for same reasons Jay-Z and the Securities and Exchange Commission (SEC) have crossed ways over a business transaction between Roca Wears and Iconix Brand Group that worth over $200 million.
The SEC wants to understand how the transaction of over $200 million was made by Iconix in acquiring stakes in Rocawears Clothing line own by Jay-Z - real name Shawn Carter.
As the Hollywood Reporter has it, the financial institution began looking into  Iconix transactions after federal agencies launched investigation into the company financial books, which led to SEC wanting to know more about how it acquired substantial stake in Rocwear clothing brand.
The lawyer representing the mogul in the legal dispute with SEC over transaction of Iconix with Rocwear, Alexander Spiro, said in a statement "We are aware that the SEC is seeking information on Iconix's financial reporting. Mr. Carter is a private citizen who should not be involved in this matter."
With respect to legal face off between SEC and Jay-Z, a New York-based District Court judge has ordered the father-of-three to appear in court on May 8 at 3 p.m to clarify on reasons he did not turn up for subpoenas to testify before the court in 2017.
Meanwhile, the SEC explained the reason for the subpoena as it says in a statement: "The application does not reflect a determination by the SEC or its staff that Carter has violated provisions of the federal securities laws at issue in the investigation."