Media personality Kylie Jenner's billion-dollar net worth was recently denounced by Forbes. Will she be imposed jail time due to fraud?
"In Touch" alleged that the model will be sentenced a maximum of 5 years in jail for fraud.
Last week, Jenner and music artist Kanye West bested Forbes' annual list of the highest-paid celebrities, a week after they cited her for inflating her net worth.
The financial magazine surmised that Jenner acquired a net worth of $590 million over the past 12 months. The major amount came from the Kylie Cosmetics line's sale of a 51 percent stake to Coty in 2019.
In a surge of tweets, Jenner, 22, remarked that Forbes was guilty of "inaccurate statements and unproven assumptions," The Herald reported.
Even if she topped their list, Jenner was stripped of the title of Forbes' youngest billionaire after the bi-weekly business magazine's recomputation.
She was initially hailed as the youngest self-made billionaire at the age of 21. The "Keeping Up with the Kardashians" reality star reportedly earned her billionaire through Kylie Cosmetics, her famous venture.
Forbes then alleged that the socialite disclosed false information regarding her financial engagements and tax revenues, according to Oicanadian. All eyes were on her when the magazine exposed revelations on property.
Forbes revealed the alleged manipulation late March, indignant by having been hoodwinked by the Kardashian family organized by Kris Jenner, their matriarch.
In November 2019, makeup company Coty obtained 51% of Kylie Cosmetics for 600 million dollars. The multinational was then valued at 1.2 billion dollars.
The tabloid article was noted by Gossip Cop as dubious. It cited a supposed insider remarking, "It's no surprise, she's obsessed with money, power, and image, but her whole life is as fake as those lips." The said strong words of the anonymous source were also denounced by the celebrity report fack-checker.
Also Read : Kylie Jenner Faked Her Net Worth? Forbes Denounces Kardashian-Jenner's Billionaire Status
Jenner's brother-in-law took the 2nd place with a net worth of $170 million, with his lucrative Yeezy sneakers negotiation with Adidas having a major contribution.
Tennis player Roger Federer valued at $106.3 million took the 3rd spot. Soccer stars Cristiano Ronaldo with a net worth of $105 million and Lionel Messi valued at $104 million filled the last spots of the top 5.
According to a lawyer in Beverly Hills, the disparities in Jenner's tax records could instigate a probe by the Securities and Exchange Commission. The attorney stated a theory that the discrepancies in sales were proven to have been inflated her worth or brand, she could be indicted for investment and securities fraud.
"This type of fraud could lead the U.S. Attorney's Office and the Southern District of New York, in particular, to investigate the case. If the Justice Department decides to turn this into a criminal case and there is a conviction, the people responsible could end up in jail," said value analyst Stephanie Wissink.
The top 10 of Forbes' 100 richest celebrities list also included other stars: mogul Tyler Perry (97 million dollars) and actor Dwayne "The Rock" Johnson (87.5 million dollars).
