Prosecutors appeal Ty Warner sentencing
Prosecutors are appealing a judge’s decision to give Beanie Babies billionaire Ty Warner probation for tax evasion.
The founder of Ty Inc., creator of popular stuffed animal line Beanie Babies, was convicted in January of hiding $100 million in Swiss bank accounts. Citing Warner’s donations to charities, U.S. District Judge Charles Kocoras sentenced Warner to two years’ probation and fined him.
Government prosecutors say his donations do not make up for his crime and argue that many others convicted of white collar-crimes have gone to prison for lesser offenses. Sentencing guidelines recommend four to five years in prison.
Although the court received 70 letters arguing for leniency on Warner’s behalf, most came from people with whom he has had a business relationship. The appeal also argued that his claim that he donated $140 million to charity was overstated.
At the time of Warner’s sentencing, his net worth was $1.7 billion.