The Securities and Exchange Commission said it's seeking a court order requiring Shawn Carter -- better known as Jay-Z -- to comply with a subpoena for testimony. The SEC said it is investigating potential violations of federal securities laws related to the financial reporting of New York-based Iconix Brand Group Inc. which paid Carter more than $200 million to acquire intangible assets associated with Carter's Rocawear apparel brand. The SEC says Carter failed to appear after the agency issued a second subpoena, seeking his testimony about, among other things, Carter's joint ventures with Iconix. Carter failed to appear as required by the subpoenas, and, through his counsel, Carter has declined to provide any additional dates on which he will agree to appear for investigative testimony, the SEC said.
Read the full story: SEC wants to force Jay-Z to testify after apparel deal soured