Reality TV star and business tycoon Todd Chrisley and his wife Julie are currently facing tax evasion and fraud charges along with a possible prison sentence, find out about his net worth in 2022 and income sources
According to prosecutors, the couple could face a prison sentenced which could go up to more than 10 years.
Todd Chrisley Net Worth In 2022 And Wife As Reality TV Star Faces Tax Evasion And Fraud Charges
Tax Evasion
In a 71-page sentencing memorandum obtained by WSB-TV, the federal government asked the court for a substantial sentence, with Todd Chrisley to face 17-22 years in prison and Julie Chrisley facing 10-13 years.https://t.co/Idw8gSeSZU— Osirian11 (@Osirian111) November 17, 2022
Found Guilty! Isn’t this what Trump does why hasn’t he been indicted? Fed. prosecutors, said the Chrisleys “swindled” $30 m. from small banks from 2007 to 2012 by inflating their net worth to get loans. Then Todd Chrisley filed for bankruptcy in 2012, erasing $20 m in loan debt. pic.twitter.com/M8v0dhpmTy
— Mr. Reynolds (@MrReynolds52) June 8, 2022
The 53-year-old who famously starred in Chrisley Knows Best, reportedly submitted forged documents to the bank in order to take out loans and lead a lavish lifestyle.
Todd Chrisley’s Net Worth
According to the Celebrity Net Worth website, Todd Chrisley has an estimated net worth of around $1.5 million.
Todd Chrisley’s Income Sources
The 53-year-old entrepreneur’s main income sources are from his real-estate business. Along with that, he also earned a fortune from his time on the USA Network’s reality show Chrisley Knows Best.
The show, which first premiered in 2014, featured Todd and Julie living a luxurious lifestyle, and spending recklessly on expensive clothes, cars, and mansions. The show went on for an impressive nine seasons and ultimately concluded in December 2021.
Another income source is the Chrisley Asset Management firm, which Todd is the founder and owner. The firm was reported to be under financial stress despite Todd and his family continuing to enjoy a luxurious life. Chrisley Asset Management firm played a major role in the business tycoon’s legal battles.
Unchecked Spendings
Todd moved to Nashville back in 2015 with his family, with the knowledge that there are no state income taxes. After moving to Nashville, Ted purchased a mansion worth $1.6 million.
Later in 2019, the family bought another house located just outside of Nashville for $3.4 million. And just two months after buying the property, the family listed the property for around $4.7 million.
Tax Evasion, Fraud Charges and Arrest
Police arrested Todd Chrisley and his wife back in August 2019, in Atlanta for several charges. The couple had tax evasion charges, bank fraud, wire fraud, and conspiracy charges laid against them. According to the court documents, the pair used their firm Chrisley Asset Management to take out loans to buy and sell off self-foreclosed properties between the years 2007 and 2012.
The couple also allegedly gave false information to banks, which inflated their net worth. According to the lawsuit, the couple:
Conspired to submit false materials, such as fabricated bank statements and false personal financial statements, to financial institutions to obtain millions of dollars in loans, much of which they used for their own personal benefit.
Along with the crimes listed above, Todd and his wife also allegedly evaded federal tax bills. However, the couple claimed that a former employee carried out all the illegal transactions. The couple owe an estimated $2 million of unpaid taxes to the IRS. Moreover, the court ordered the pair to post $100,000 in unsecured appearance bonds.
Bankruptcy Case
Besides facing tax evasion and fraud charges, Todd Chrisley is also currently facing a $45 million bankruptcy case. The case stems from a collapsed real estate empire. Todd allegedly hid various assets worth millions of dollars under his wife Julie’s name.
The former tycoon previously filed for bankruptcy back in 2012. During that initial filing, he posted just about $4.2 million in assets against a debt of $50 million. Todd also claimed in the same filing that he possessed only around a 100 dollars in cash and 55 dollars in his account.
In the following year, Chrisley Asset Management also filed for corporate bankruptcy. During that time, Todd owed an alarming $600,000 in IRS late fees, debts, and penalties.
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