Getty Images/George Pimente
Jay-Z has reportedly been subpoenaed for not cooperating with Wall Street's most powerful regulator.
According to TIME, Jay-Z failed to testify to the Securities and Exchange Commission (SEC) as part of an investigation into Iconix Brand Group Inc. for a third time.
The company allegedly paid $200 million in 2007 to acquire assets from Jigga's Rocawear brand. Now the SEC wants Jay-Z to testify after Iconix valued Rocawear $169 million in March 2016 and $34 million this year.
A spokeswoman for Jay says, "Mr. Carter had no role in that reporting or Iconix's other actions as a public company. Mr. Carter is a private citizen who should not be involved in this matter."
Although Jay-Z hasn't been accused of wrongdoing, the regulator says he "failed to appear as required by the subpoenas and, through his counsel, has declined to provide any additional dates on which he will agree to appear for investigative testimony."
