Posted on 05/30/2020 3:31:00 AM PDT by C19fan
Kylie Jenner could face a criminal investigation over alleged exaggerations of her company's value, a top financial fraud attorney has revealed. The cosmetics entrepreneur was kicked off the coveted Forbes Billionaire list by the wealth magazine on Friday in a shock move, after the outlet said financial filings with the Securities Exchange Commission (SEC) show she may have been lying about the success of her cosmetics company. In an exclusive interview with DailyMail.com, internationally renowned lawyer Jan Handzlik, who served five years as a federal prosecutor in LA and now defends celebrities and big companies in financial fraud cases, said the alleged exaggerations could land Jenner in a world of legal trouble.
(Excerpt) Read more at dailymail.co.uk ...
Big yawn.
It is one thing to tell people magazine how wealthy you are and another to fraudulently make your balance sheet seem so when you sell the company.
Kylie Jenner may need pole vaulting lessons to clear this hurdle.
Interesting. It looks as though there might be a cause of action regarding misstating the company’s value ahead of the Coty purchase. “Fraud in the inducement,” or whatever it’s called in securities terminology.
It will be interesting to see what the Wall Street Journal says.
My thought exactly. Deceiving “Forbes” is probably not criminally actionable, but deceiving Coty’s accountants and attorneys probably is. Whether it can be legally pinned on Ms. Jenner as opposed to her employees is a separate question.
I hope Coty did some kind of forensic accounting.
Jenner should have said Gadzillions, it’s perfectly in keeping with the Hollyweird vernacular.
That’s probably the reason for potential charges. They did.
It’s a beautiful thing to see how unflattering the truth really is for some of these so-called “icons”. Katy Perry, for example (sorry, Katy), is not an icon either, but it’s her image that’s supposed to represent the reflection that some people want, if not have a real need, to see of themselves when they look in the mirror. What a sad state to be in.
Now she can come out as trans, like her mentally ill dad, and then blame the prosecution on transphobia.
Ooops.
“Forbes downgraded Kylie’s net worth from more than $1 billion to just under $900M...”
A $100M here, a $100M there...
Pretty soon we’re talking about real money.
Poor thing sounds like she’s living in the poor house. Soon be living in the Big House.
.
If her father can be a woman and be accepted as such, surely his very rich daughter can claim to be a billionaire. Much less of a jump.
Yes, even bigger yawn....
Let's assume she lied about her net worth, bumping it from 900mm to 1.05 million to get on the list, and even showed forged tax returns to "prove" it.
Lying to reporters is not a crime. In fact I have yet to see any main stream reporter who cares whether they are reporting facts or lies.
As part of a relentless campaign to get Forbes to rank Kardashian-Jenner family members at the top of their richest list, the celebrity family had told the magazine Kylie Cosmetics made $360 million in revenue for 2018.
But Coty’s SEC documents revealed the figure was in fact about $125 million – less than a third of their claims.
"Coty's "SEC documents" would be their standard disclosure. Her company was "private" and hence not required to disclose anything to the SEC. If $125 million is the real number, then everyone is square with the SEC and they have nothing to investigate.
The article's author just assumes with no evidence that she also showed the fake number to the company. Why? I'll answer that question in a minute.
In fact if Cody overpaid by 3x for the cosmetics company and they are reporting correct numbers now, their auditors would have undoubtedly made them write down the value of their holding by 2/3. No way they avoided a writedown and got their auditors to sign off on the right numbers. No way period.
So why would the article's author either flat out lie or deliberately or negligently mislead readers to make his article seem three times more important than it really is?
Maybe because he's a guilty as Kylie -- puffing up his own importance through what he considers harmless deceit. Maybe that's what all reporters do on a daily basis.
And maybe she was just playing their game.
I read somewhere that the Kardashians are hemorrhaging money and their show is going to get canceled.
Another Daily Mail push to make people drop ad blocker. FR, ban Daily Mail posts.
Normally, she would be able to sell her body to the highest bidder - marrying some Middle Eastern tycoon’s son - to make up the shortfall. Her time to pull off this final piece of the Great Kardashian Grift is not unlimited - and the advertising will just become more expensive and Photoshop-intensive as the years slip by :)
What she did is far far worse then Lori Loughlin ever did who tried to get her kids in college.
Far worse. You wanna bet Kylie Jenner gets off scott free and does not lose her tv and youtube jobs.
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