Beanie Baby founder Ty Warner has been caught up in a crackdown on offshore tax evasion. He’s already paid over a billion in taxes, but the government wants their cut of millions hidden in Swiss accounts.
H. Ty Warner, the billionaire creator of Beanie Baby plush toys, asked a judge to give him probation, not prison, for evading taxes on secret Swiss accounts that held as much as US$107 million.
Warner, 69, faces 46 months to 57 months in prison under nonbinding guidelines when he’s sentenced Jan. 14 in Chicago. The maker of plush toys and hotel operator asked U.S. District Judge Charles Kocoras to impose a term of probation with community service, according to a Dec. 31 court filing.
Warner is among more than 100 people prosecuted in the past five years during a U.S. crackdown on offshore tax evasion. His lawyers argued that “dozens of individuals who engaged in the exact same conduct with respect to undisclosed overseas accounts” got probation.
This case concerns an isolated event in Ty’s otherwise law-abiding life, during which he has paid approximately $1 billion in taxes
“This case concerns an isolated event in Ty’s otherwise law-abiding life, during which he has paid approximately $1 billion in taxes,” according to the filing. “There is no reason to believe prison time is necessary to prevent him from engaging in tax evasion again.”
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