Source: Giphy

The U.S. Securities and Exchange Commission yesterday filed a subpoena enforcement action against Shawn Carter (a.k.a. Jay-Z), saying it wants him in federal court next week to testify about his relationship with Iconix Brand Group.

Bottom line: The SEC isn't currently alleging that the rapper did anything wrong, except for ignoring its demand that he testify.

Carter was co-founder of apparel company Rocawear, which was purchased in 2007 by Iconix Brands Group for $204 million. The SEC is investigating Iconix, which has effectively written off the entire $204 million but which maintained business partnerships with Carter.

  • The SEC said its enforcement action does not reflect a determination of improper activity by Carter.
  • Carter's spox: "Mr. Carter is a private citizen who should not be involved in this matter.”

Go deeper

Louisiana braces for 3rd hurricane in 2 months as Zeta closes in

The probable path of Zeta, per the National Hurricane Center. Photo: NHC/NOAA

Zeta strengthened into a hurricane again early Wednesday and was on track to make landfall in southeastern Louisiana in the afternoon, per the National Hurricane Center.

The state of play: Louisiana Gov. John Bel Edwards (D) requested a pre-landfall Federal Declaration of Emergency in a letter to President Trump on Tuesday.

Unrest in Philadelphia after fatal police shooting of Black man

Demonstrators rally on Tuesday near the location where Walter Wallace was killed by two police officers in Philadelphia, Pennsylvania. Photo: Mark Makela/Getty Images

The Pennsylvania National Guard was mobilized Tuesday during a tense second night of protests in Philadelphia over the fatal police shooting of Walter Wallace, a 27-year-old Black man.

Driving the news: Philadelphia Mayor Jim Kenney (D) and Police Commissioner Danielle Outlaw said in a joint statement a "full investigation" would be launched to answer questions that arose from video that captured part of Monday's incident.

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