Jay Z was previously pronounced the first rapper to amass Billionaire fortune. While he keep grip on that and move in escalating his business, Hov and his team popularly  Roc Nation filed a legal sue against Iconix company over trying to fraud their account. Iconix, a company that issues licensing firm has caught in a new apprehended strategy.

From a report that surfaced on PagSix, the webpage disclosed that the company has endeavor on bilking investors in a “massive years-long fraud,” according to a new lawsuit. Jay and his Roc has been dealing with Iconix since 2007 and has sold about numerous men’s clothing rand during that year.

According to court documents in the Manhattan Supreme Court, the suit
says that the Iconix Brand Group Inc., duped it and other companies —
including Ecko, Ed Hardy and PONY — into doing business by not being
honest about its financials, and then made off with their money without
delivering the services that the company promised.

The feds have been investigating Iconix, which court documents reveal
have “amass[ed] a portfolio of trademarks under false pretenses,” and
detailed that they committed fraud by having “absconded with its
licensees’ money without providing the branding and retail support it
promised.” Roc Nation had been doing business with the firm after
selling men’s clothing brand Rocawear to them for $204 million back in
2007. Though the company’s stocks were strong through 2015, the suit
points out that, today, they are worth “less than a dollar per share.”

Iconix then “absconded with its licensees’ money without providing
the branding and retail support it promised,” the court documents
allege.

“Plaintiffs never would have entangled their business interests with
Iconix had it disclosed the true condition of its business or the
massive accounting fraud in which it was engaged,” the court documents
claim.

(via)