Billionaire Beanie Babies Creator Found Guilty Of Tax Evasion

The creator of the popular collectible toys was found guilty of hiding his income from the IRS in Swiss bank accounts.

1. H. Ty Warner, the billionaire creator of Beanie Babies, has been sentenced to two years of probation, but no jail time after he plead guilty to a single count of tax evasion, according to the Associated Press.

Andrew Kelly / Reuters

A man walks past a display for Ty Beanie Babies products at Toy Fair 2013.

2. Warner could have faced five years in prison after not paying taxes on $25 million in income he had put in Swiss bank accounts. The case is part of the federal government’s push to prosecute those concealing their income overseas.

Anthony Souffle/Chicago Tribune / MCT

Ty Warner is escorted from the Dirksen U.S. Courthouse in Chicago on Oct. 2, 2013.

3. In a statement before his sentencing, Warner said that he felt “shame and embarrassment” for what he had done.

Anthony Souffle/Chicago Tribune / MCT

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