Beanie Babies founder Ty Warner sentenced to 2 years probation
The founder of the hugely successful “Beanie Babies” is sentenced on Tuesday to two years probation and 500 hours of community service for tax evasion.
Ty Warner pleaded guilty to one count of tax evasion in October 2013. He failed to report to the IRS more than $24 million in gross income he hid in bank accounts in Switzerland for 12 years.
He apologized to the court for his actions before his sentencing.
Prosecutors did not recommend a prison length, but suggested he receive around four years behind bars. The judge brushed off prison time, and highlighted his charitable works.
Warner has agreed to pay a $53 million civil penalty and at least $16 million in back taxes.