Jay-Z's Got 99 Problems And This SEC Subpoena Might Be One

Recording artists Jay-Z ad Beyonce look on during Game One of the Western Conference Semifinals between the New Orleans Pelicans and the Golden State Warriors at ORACLE Arena

Jay-Z has been subpoenaed - for a third time - by the Securities Exchange Commission (SEC) about an ongoing probe into Iconix Brand Group, NBC News is reporting.

"The Commission seeks Carter's testimony to inquire about, among other things, Carter's joint ventures with Iconix", the SEC said, adding that it had questions about whether federal securities laws were breached. Jay z offered assets and also his Rocawear apparel fresh to Iconix more than just a decade past. Carter was paid more than $200 million as part of the sale and agreed to work with Iconix to seek an develop new brand opportunities after the sale.

But in March 2016, Iconix lowered the value of Rocawear by$169 million, according to the SEC.

Shares of Iconix plummeted in December 2015 after the company publicly confirmed that the SEC was conducting a formal investigation into its accounting issues.

Nonetheless, Jay-Z rapped a less-than-enthusiastic view of some legal proceedings in People'sCourt, which includes the lyrics: "When you're warring with me, it's People's Court, we hold court in the street".

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"We are aware that the SEC is seeking information on Iconix's financial reporting. Mr. Carter is a private citizen and should not be involved in this matter".

Court documents list Jay-Z's attorney as Alexander Spiro, who is now representing the artist in a legal dispute with Iconix over the $200 million deal.

The agency pointed to a continued partnership involving Jay-Z, one that continued after 2007. The SEC initially issued a subpoena for Carter's testimony on November 16, 2017.

Simply asserting he does not have relevant information will likely not be enough for Carter to be allowed to ignore the subpoena, Chase said.

While the SEC seems concerned that Jay, whose real name is Shawn Carter, hasn't yet testified, Carter's representatives maintain that he shouldn't have anything to do with this investigation at all.

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