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