Speed Reads


Jay-Z is ghosting the SEC

The Securities and Exchange Commission is not happy with Jay-Z.

The rapper and businessman has been hit with a subpoena from the SEC, demanding that he comply with two prior subpoenas related to an ongoing financial investigation, Bloomberg reported Thursday.

Jay-Z, whose real name is Shawn Carter, owns a clothing brand called Rocawear. Iconix Brand Group acquired Rocawear in 2007, before the SEC opened an investigation into Iconix's accounting practices in 2015.

The SEC, a Wall Street watchdog agency, wants Carter to testify as a part of the probe, but Carter has been M.I.A. Bloomberg reports that the agency issued subpoenas calling for Carter's testimony in November and in February, but Carter has reportedly failed to appear before the SEC. Carter is not accused of any wrongdoing, notes Bloomberg, but the agency is trying to crack down on the rapper by issuing an enforcement order.

Carter's attorney has reportedly declined to make him available to investigators, so the SEC asked a New York district court to try and force him into making an appearance. Read more at Bloomberg.