Kylie Jenner’s life has been thrown into disarray after Forbes claimed the model has been ‘faking’ her billionaire status.
And it has now been revealed that the fashion icon may even have to serve jail time if the accusations about her dishonesty and tax returns turn out to be true.
After the creator of Kylie Cosmetics was kicked out of Forbes’ list of billionaires, leading financial fraud lawyer, Jan Handzlik, warns that there is a high chance of the makeup mogul ending up behind bars if her tax report fiddling is proven to be true.
Handzlik told MailOnline: “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.”
“In this matter you've got a mixture of things that may lead to both civil and criminal scrutiny early on: obviously the celebrity aspect, the large amount of the alleged exaggeration, and the highly public nature,” he said, adding that: “All of this is like catnip to a prosecutor or the SEC, because it will lead to very heavy coverage of what takes place.”
He further predicted that SEC’s probe may also result in a more thorough investigation done by the American Department of Justice. "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."
In the explosive piece published on Friday, Forbes noted, "The documents, despite looking authentic and bearing Kylie Jenner’s signature, weren’t exactly convincing since the story they told, of e-commerce brand Kylie Cosmetics growing from nothing to $300 million in sales in a single year, was hard to believe."
The magazine concluded saying that Kylie's cosmetics business was "never that big to begin with" and that the family has "lied about it every year since 2016."
"While we can’t prove that those documents were fake (though it’s likely), it’s clear that Kylie’s camp has been lying," the outlet said in its report.