Friday, January 17, 2014
Ty Warner, beanie baby creator is not going to jail despite admitting to hiding millions from the tax authorities. He pleded guilty to tax evasion and faced up to five years in jail as well as a civil penalty of $53.6 million. Prosecutors claim he put the money into off shore accounts to avoid paying taxes. According to Forbes, he is the 209th wealthiest American with a net worth of $2.6 billion in 2013. Warner has been sentenced to two years of probation and 500 hours of community service.
See Rebecca Pocklington, Billionaire Beanie Babies Creator Ty Warner Avoids Prison For Tax Evasion But Gets Community Service, Mirror, Jan. 15, 2014.