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Lindsay Lohan Formally Charged with Felony Grand Theft

By Alla Byrne

Wednesday February 09, 2011 03:20 PM EST

Lindsay Lohan

Pool/Splash News Online

It's official: Lindsay Lohan was formally charged on Wednesday with one count of felony grand theft for allegedly stealing a $2,500 necklace from a Venice, Calif., jewelry store, according to a statement by the Los Angeles District Attorney.

The felony complaint alleges that Lohan "did unlawfully take money and personal property."

Lohan, 24, will be arraigned at a Los Angeles courthouse on Wednesday afternoon. If convicted, the actress could face up to three years in prison.

Her bail has been set at $20,000.