Jay Z Hit With Subpoena by Securities and Exchange Commission

Jay Z may be having a few problems. Time reports Jay Z is being investigated by the Securities and Exchange Commission. In fact, he has been issued an investigative subpoena. He failed to testify as part of an agency investigation of accounting practices, which paid $200 million to acquire assets from his Rocawear apparel brand back in 2007. Jay Z will have to appear in court on May 8th to discuss the licensing deal. As far as it is concerned, Jay Z hasn't been accused of any wrongdoing. It seems like they just want him to cooperate, even though Jay's people believe he shouldn't be caught up in the matter since SEC is seeking out Iconix's finances.