Lindsay Lohan to Be Charged With Felony Grand Theft Wednesday

Feb. 8, 2011 — -- Lindsay Lohan will be charged with felony grand theft Wednesday for allegedly stealing a $2,500 necklace from a Venice, Calif., jewelry store, prosecutors announced today.

The 24-year-old actress, who is on probation in a 2007 misdemeanor DUI case, allegedly walked out of the store with the necklace on Jan. 22, the Los Angeles District Attorney's Office said in a statement today.

If convicted, she could go to California state prison.

Representatives for Lohan did not immediately return ABCNews.com's requests for comment.

On Saturday, Lohan's lawyer, Shawn Chapman Holley, rebuked allegations that Lohan stole the necklace.

"We vehemently deny these allegations and, if charges are filed, we will fight them in court, not in the press," Holley wrote in an email to ABCNews.com.

Last week, the problem prone star was linked to the disappearance of a gold necklace with semi-precious stones from the Kamofie & Co. jewelry store. Law enforcement sources told the Los Angeles Times that surveillance video shows Lohan wearing the necklace, which was reported missing on Jan. 22, following the actress' visit to the store.

After detectives started looking into the case and began preparing search warrant, a friend of Lohan's brought the necklace to the Pacific Division police station.Lohan has reportedly said that the necklace was loaned to her by the store and her assistant returned it to police.

It's not the first time the star has been connected with missing gems.

In 2009, British police investigated the disappearance of $400,000 worth of Dior jewels from a photo shoot Lohan did with Britain's Elle magazine. At the time, Elle released a statement exonerating Lohan, saying, "Elle has no reason to believe that Lindsay Lohan was in any way responsible."