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Kylie Jenner could face criminal investigation

Kylie Jenner could face a criminal investigation over alleged exaggerations of her company's value, financial fraud. The 22-year-old was kicked off Forbes Billionaire list on Friday in a shock move. The outlet said financial filings with the Securities Exchange Commission (SEC) show she may have been lying about the success of her cosmetics firm. Handzlik said: 'My guess is that at a minimum the SEC will begin an informal inquiry and then perhaps elevate that to a formal investigation'. The controversy has exploded around a $1.2 billion deal for Jenner's Kylie Cosmetics, in which she sold a 51% stake to makeup giant Coty for $600M. Forbes downgraded Kylie's net worth from more than $1 billion to just under $900M, claiming the family likely showed them tax returns with 'false numbers'. The top attorney said if a federal investigation found Kylie had committed financial fraud, she could face jail time and fines of 'staggering amounts'. Kylie tweeted: 'I've never asked for any title or tried to lie my way there EVER. Period.'
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