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SEC ORDERS JAY-Z TO TESTIFY IN FRAUD PROBE

While you’re thinking Jay-Z’s still got at least 99 problems, add another one: A New York federal judge has ordered Jay-Z to answer in person the Securities Exchange Commission’s questions about securities fraud involving the Iconix Brand Group.

Hova had failed to comply with two subpoenas in the last six months, and he will now appear for one day of SEC questioning at an undisclosed location on 5/15, with the possibility of a second day if one is not enough.

The investigation has to do with whether Iconix violated trading laws related to financial reporting. The SEC said Iconix had maintained relationships with Jay-Z related to the Rocawear brand, which it had written down by $203m during the past two years. Carter sold Rocawear to Iconix for $204m in 2007 but maintained primary creative control of the brand.

ARETHA FRANKLIN,
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