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article imageNo jail time for Beanie Babies creator Ty Wilson

By Lizz Riggs     Jan 16, 2014 in Crime
Ty Warner, the billionaire creator of Beanie Babies toys, pleaded guilty to tax evasion in October, but on Tuesday it was announced that he won't serve any prison time for hiding millions of dollars in secret Swiss bank accounts to evade taxes.
Instead, his sentence includes a fine, restitution and community service.
A judge sentenced Warner a $100,000 fine, two years' probation, with 500 hours of community service at three Chicago high schools.
"Society will be best served to allow (Warner) to continue his good works," U.S. District Judge Charles Kocoras said at a sentencing hearing Tuesday, according to the U.S. Attorney's Office in Chicago.
“When people cheat on their taxes, honest taxpayers suffer the consequences and have to make up the difference. IRS Criminal Investigation is here to ensure that everyone pays their fair share of taxes regardless of their social status,” said James C. Lee, Special Agent-in-Charge of the Internal Revenue Service Criminal Investigation Division in Chicago.
Warner's tax evasion charge carried a maximum penalty of five years in prison and a $250,000 fine. After paying a $53 million civil penalty and about $27 million in back taxes, he pleaded guilty, and Warner admitted that he had maintained Swiss bank accounts with an unreported gross income of more than $24 million.
More about Beanie Babies, Ty Wilson, Taxes, Tax evasion
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