Kylie Jenner Facing Jail Time? Forbes Says She Forged Tax Returns; She Furiously Denies Claims
Another day, another drama, drama – especially in the Kardashian/Jenner world.
In an article titled “Inside Kylie Jenner’s Web of Lies – And Why She’s No Longer A Billionaire”, Forbes has questioned Kylie’s status as the “youngest self-made billionaire”. Let it be known that it was them that bestowed the title upon her in the first place. Forbes has just casually dropped a bombshell article calling out one of the most influential social media stars of the decade (she’s the 6th most followed on Instagram with 173 million followers), Ms Kylie ‘Rise and Shine’ Jenner. The reporters have accused Kylie Jenner of falsifying her wealth by “forging her tax returns” for Kylie Cosmetics.
No biggie, just – you know – a highly reputable and credible publication claiming that the 22-year-old may be doing something that could potentially be illegal.
Jan Handzlik – an internationally renowned lawyer who served five years as a federal prosecutor and has more than 100 trials under his belt – told the DailyMail.com that it is possible that Kylie Jenner could be in a lot of legal trouble.
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. 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.”
What basically happened was that, in 2019, after Forbes estimated that she was worth USD$900 million, they said she “would soon become the youngest self-made billionaire ever”. And after Kylie sold 51% of her stakes at Kylie Cosmetics to Coty, ‘a global beauty company making cosmetic, skin, fragrance & hair brands’, her net worth shot up and cemented the claim. After all, the deal was worth USD$1.2 billion (RM5.2 billion). However, recently released public filings from Coty seem to show an ugly truth, that “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”. As well as dragging the Kardashian-Jenner clan for years of “fighting Forbes for higher spots on our annual wealth and celebrity earnings lists”, the reports claimed that, upon recalculation, Kylie’s net worth is not actually USD$1 billion,
“A more realistic accounting of her personal fortune puts it at just under $900 million, despite the headlines surrounding the Coty deal that seemed to confirm her billionaire status.”
The shade doesn’t stop there, nah-uh honey, as they continue with,
“Of course, white lies, omissions and outright fabrications are to be expected from the family that perfected—then monetized—the concept of ‘famous for being famous’. […] the unusual lengths to which the Jenners have been willing to go—including inviting Forbes into their mansions and CPA’s offices, and even creating tax returns that were likely forged—reveals just how desperate some of the ultra-rich are to look even richer.”
Yikkkkkkes. This comes after Kylie graced the cover of Forbes magazine in July 2018, when she ranked No. 27 on their list of “the richest self-made women”.
They reached this number after Forbes spoke to an executive at Shopify, which manages Kylie’s online store, who said,
“No other influencer has ever gotten to the volume or had the rabid fans and consistency that Kylie has had for the last two and a half years.”
Forbes then took into account the tax returns as shown by The Jenners and spoke to industry sources.
Kylie wasted no time shutting down the magazine in a series of tweets.
The Sun, however, has quoted an insider as saying that the mother of one and her momager Kris Jenner not as unbothered as they seem. Thir source revealed,
“Kris and Kylie are freaking out and fear that this is going to hurt their brand, and even worse, they could be in trouble with the government.”
Despite this, Forbes has admitted that they “can’t prove that those documents were fake” but they remain firm that “it’s likely”. Without proof that the tax returns were actually forged, how are we to know if this report is truly right? Can we say Kylie Jenner is innocent until proven guilty, or do we simply go along with –
“Based on this new information—plus the impact of Covid-19 on beauty stocks and consumer spending—Forbes now thinks that Kylie Jenner, even after pocketing an estimated $340 million after taxes from the sale, is not a billionaire.”
We’ll just have to wait and see.