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JAY-Z may be forced to testify in a federal case even though the music mogul seems to be doing his best to stay silent.
According to reports, the Securities and Exchange Commission (SEC) said it is seeking a court order that would require Jay-Z, whose government name is Sean Carter, to cooperate by issuing him a subpoena forcing him to testify in a case they are investigating.
The SEC is reportedly in the midst of investigating Iconic Brand Group Inc., the company that paid Hov more than $200 million to acquire assets associated with his Rocawear clothing brand.
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The SEC is looking into potential violations of the federal securities laws that have to do with the company’s financial reporting.
Although the SEC has already issued two subpoenas ( one in November 2017 and one in February this year) compelling the superstar to testify about the joint ventures with Iconic Brand Group, Inc., they still have not been able to get him on the record.
The SEC insists he failed to appear despite the subpoenas and his lawyers have reportedly declined to offer his testimony in the future.
Officials there were careful to note that Jay isn’t necessarily suspected of any wrongdoing.
“As stated in the SEC’s application, a subpoena enforcement action is appropriate where the information sought from the witness is relevant to the investigation. 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,” states the litigation release.
Aside from that, Jay is busy prepping for his upcoming tour with his wife, Beyonce. The couple will hit the road for On The Run II Tour this summer with North American dates beginning on July 25.
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