In the early 2000s, Todd Chrisley invested in the Executive Asset Management LLC Company and then founded his real estate management company, Chrisley Asset Management. But his financial situation led him to file for bankruptcy in 2012 and 2013, citing a debt of $49 million against assets worth $4.2 million.
Following that, the Chrisley family entered the public eye through their reality TV show, ‘Chrisley Knows Best.’ The program offered viewers an insight into their lifestyle, marked by spending on luxury cars and designer clothes. Legal investigations later revealed financial crimes tied to these expenses.
Todd and his wife, Julie, were accused of fraud due to lying in official documents to get over $30 million in bank loans and not filing taxes between 2013-2016. After a jury trial in 2022, they were found guilty of charges, including conspiracy to commit bank fraud, bank fraud, and tax fraud.
The court sentenced Todd to 12 years while giving Julie 7 years in prison. Following the ruling that also included 16-month probation, the USA Network canceled the Chrisley family’s TV show after broadcasting some pre-filmed episodes in 2023.
Meanwhile, Celebrity Net Worth reported that Julie and Todd ended up with a net worth of $1.5 million, respectively, along with a 30,000-square-foot house as a result of these financial activities. But, the couple is required to pay restitution from their assets at a later date.
On the other hand, the Chrisleys kept claiming their innocence and said they wanted to fight the ruling, as their lawyer told CNN:
“Todd and Julie are people of faith, and that faith gives them strength as they appeal their convictions. [The trial] was marred by serious and repeated errors. We are optimistic about the road ahead.”