In an update to the ongoing saga involving the Securities and Exchange Commission's investigation probe into Iconix Brand Group, Jay Z's attorney, Alex Spiro, believes that the SEC is making unreasonable demands.
The SEC recently subpoenaed Jay to testify in the investigation of Iconix's financial reporting, but Jay's reps say, "Mr. Carter had no role in that reporting or Iconix’s other actions as a public company. Mr. Carter is a private citizen who should not be involved in this matter.”
USA Today reports that the SEC is still pushing for the rapper to potentially offer up "unlimited access" for future testimony. In a 15-page legal document, Spiro argued against this motion, and referred to the SEC's request as a "celebrity hunt."
"The SEC continues to insist on meeting Mr. Carter in person for an unlimited period of time," Spiro wrote. "The upshot imposes unreasonable burdens on Mr. Carter and raises serious questions about whether this exercise has transcended any investigative purpose and crossed over into a celebrity hunt."
Spiro believes that the demands the SEC is imposing on Jay will interfere with the preparations for his upcoming tour. Having to appear at SEC headquarters in D.C. in May would, "impair the work of many individuals and entities who are preparing for the tour and will hinder my own work in preparation for the tour," says Spiro.
While several of Jay Z's companies have already handed over 11,000 pages of Iconix-related dealings and communications, the SEC is continuing to push for a multiple day commitment of further testimony.
At this point, Hov and his representatives are starting to think that these demands have more to do with garnering publicity than any actual investigative need. The ball is now in the SEC's court once again though. They have until Tuesday (May 8) to file a response to Spiro's declaration.
