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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.

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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.

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.

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