Kylie Jenner Might Go To Jail! Here’s The Complete Story


Forbes-Kylie Jenner 


Forbes dropped Kylie Jenner from the list of billionaires on Friday, saying it appears the 22-year-old cosmetics royalty may have expanded her wealth.


Kylie Twitter Post




Forbes said its article was the result of a widely-reported investigation that started with recent filings from Coty, which purchased a bulk stake in Kylie Cosmetics earlier this year.


The conclusions revealed that Jenner’s business was significantly smaller and less profitable than she had led Forbes to believe.


Troubles For Kylie


Financial fraud attorney Jan Handzlik told that the decisions could bring major lawful troubles to Jenner from the Securities and Exchange Commission.


He said that according to his guess a minimum, the SEC would begin what they call an unconventional inquiry and then possibly raise that to a formal investigation, which gives them command power.


Coty Purchased 51%


Coty acquired 51 percent of Kylie Cosmetics in January in a deal that evaluated the company at $1.2 billion. But in public filings, Coty said that Kylie’s earnings over the 12 months before the deal were $177 million, which Coty said was up 40 percent from 2018.


That meant that the firm brought in just $125 million that year, not the $360 million the Jenners had told Forbes. A skincare line that originated in May was on track to finish the year with $25 million in sales, even though company spokespeople told Forbes that line made $100 million in its first month and a half.




Kylie Isn’t a Billionaire.


Forbes said it holds tax returns shown to it by the Jenners were fraudulent and that Kylie Jenner wasn’t as close to being a billionaire as she said when she was on the cover in 2018 when Forbes said she was set to be the youngest-ever self-made billionaire.


Jail


If an investigation finds that Jenner perpetrated economic fraud, Handzlik said, she could face jail time or huge amounts of fines.


Share:

No comments:

Post a Comment

Popular Posts

Categories

Blog Archive

Recent Posts