Kylie Jenner hasn't had the best week.
First, she copped it after she was snapped partying at clubs and birthday parties despite California’s 'shelter-in-place' lockdown rules. Now, the reality star will be grappling with the news that she could reportedly face jail time for exaggerating her billionaire status to Forbes magazine.
Quick recap: last year the American mag named Jenner the world's “youngest self-made billionaire,” splashing the title across their cover. It was a questionable title to give Kylie anyway, given her family's privileged position and ties, but it turns out that that controversy was just the tip of the iceberg.
Fast forward to earlier this month and Forbes announced that, after doing some digging into her net worth numbers, they’d found out she’d exaggerated the numbers and as a result were stripping her of her 'billionaire' title. Forbes wrote a scathing statement about the issue, accusing the Jenners of lying about the financials for years, and even getting their accountants to draft tax returns with false numbers. (Though, the publication admitted that they could not out-and-out prove documents had been forged.)
"Kylie's business is significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe," the magazine said. "Forbes now thinks that Kylie Jenner, even after pocketing an estimated $US340 million ($509 million) after taxes from the sale, is not a billionaire." The publication re-estimated the net worth of Kylie at around $US900 million.
Now, according to tabloid reports, the Kylie Cosmetics founder could face up to five years behind bars for securities and investment fraud, should she have submitted different docs to Forbes, the IRS, and Coty, the company that bought the majority stake of Kylie Cosmetics at the end of last year.
US attorney Adam Michael Sacks told British rag The Sun that it was “highly unlikely” she would’ve lied to the govt, but that if she had, it would be a “very serious offense” and that she could “face serious jail time”.
“It’s absolutely possible someone said to her ‘Let’s massage a little here and massage a little there’ when speaking to Forbes,” he said. “But it’s very hard to believe she forged tax documents to the IRS.”
He added that cause Jenner is always “surrounded by real professional types,” he doubted she’d be “dumb enough” to file false taxes.
So, if Jenner or someone from her team did hand Forbes incorrect financial documents, but provided accurate docs to the IRS – as some critics are guessing – she wouldn't be investigated.
Jenner has yet to comment on the reports, but did tweet a few things when Forbes initially revoked her title, writing: “I’ve never asked for any title or tried to lie my way there EVER. period”
Main Image Credit: Licensed by Getty