unilad
Advert
Advert
Advert
Advert

Kylie Jenner ‘Could Face Jail’ After Forbes Strips Her Of Billionaire Status

by : Emma Rosemurgey on : 30 May 2020 14:42
Kylie Jenner ‘Could Face Jail’ After Forbes Strips Her Of Billionaire StatusKylie Jenner ‘Could Face Jail’ After Forbes Strips Her Of Billionaire StatusPA Images

Kylie Jenner could face ‘jail time’ over accusations she forged tax returns to give off the impression she was a billionaire, a lawyer has warned.

Advert

It comes after Forbes accused the makeup mogul of spinning a ‘web of lies’ to give off the impression her business Kylie Cosmetics was bigger than it actually was.

The prestigious magazine stripped her of her billionaire status, and even accused her of ‘creating tax returns that were likely forged’.

Kylie responded by saying the publication had made ‘a number of inaccurate statements and unproven assumptions’ in the article, which claimed the Jenner camp had set out on a mission to get Kylie to the top of the celebrity rich list.

Advert

‘What am I even waking up to? I thought this was a reputable site..’ Kylie tweeted. ‘All I see are a number of inaccurate statements and unproven assumptions lol. I’ve never asked for any title or tried to lie my way there EVER. Period.’

She added:

“Even creating tax returns that were likely forged” That’s your proof? So you just THOUGHT they were forged? Like actually what am I reading?

Now, a high profile lawyer has said reality star Kylie could be in serious legal trouble if there is found to be any truth in the accusations made by Forbes.

‘My guess is that at a minimum the SEC will begin what they call an informal inquiry and then perhaps elevate that to a formal investigation, which gives them subpoena power,’ Jan Handzlik told the MailOnline.

Handzlik, who previously worked as a federal prosecutor in the US, said he wouldn’t be surprised if the US Attorney’s office jumped in, adding that he could see a criminal investigation by the Department of Justice.

Advert

He also explained how Kylie could be handed some hefty fines in a bid to ‘make Coty whole again’, after the beauty giant bought 51% of Kylie Cosmetics for an eye-watering $600 million, after the company as valued at $1.2 billion.

He explained:

If the Department of Justice decides to make this a criminal case… if there were to be a conviction, that could include jail time for any individuals who were responsible.

We don’t know if there’s something here that doesn’t meet the eye. But taking the allegations at face value, there is certainly a basis to conduct an investigation and maybe move ahead with an enforcement action or a criminal prosecution.

‘In fact if the court rules that the Jenners or Jenner companies have received ill-gotten gains, profited from a financial statement fraud or financial misdeed, then these rather staggering sums of money that were paid or distributed within the Jenner orbit, the SEC could order those be returned. In other words they would seek to make Coty whole again,’ Handzlik added.

The accusations come after Kylie was hailed as the youngest self-made billionaire at the age of just 21 in July 2019. Although Forbes can’t prove that the documents were false, they say it’s very likely Jenners have been lying to inflate their business the entire time.

If you have a story you want to tell, send it to UNILAD via [email protected]

Emma Rosemurgey

Emma Rosemurgey is an NCTJ trained Journalist who started her career by producing The Royal Rosemurgey newspaper in 2004, which kept her family up to date with the goings on of her sleepy north east village. She graduated from the University of Central Lancashire in Preston and started her career in regional newspapers before joining Tyla (formerly Pretty 52) in 2017, and progressing onto UNILAD in 2019.

Topics: Celebrity, Billionaire Status, Business, Coty, Forbes, Kris Jenner, Kylie Cosmetics, Kylie Jenner, Money, Now

Credits

MailOnline and 1 other