"Rejecting federal prosecutors’ argument that a tough message must be sent to would be tax cheats, Chicago Federal District Court Judge Charles P. Kocoras today sentenced Beanie Babies creator H. Ty Warner to two years of probation and 500 hours of community service for evading taxes on a secret Swiss bank account that reached $106 million in value. The account, which Warner opened at UBS AG in 1996 and kept secret for 12 years, earned $25 million during that period, allowing him to avoid $5.5 million in tax."
- No Jail Time For Beanie Babies Billionaire Tax Evader Ty Warner
"Warner had pleaded guilty to tax evasion and promised to pay more than $16 million in back taxes and a $53 million penalty. He could have been sentenced to up to 57 months behind bars. Prosecutors said that at one point he was concealing as much as $107 million.
Warner apologized in court last year and wiped tears from his eyes. The judge today said Warner’s “public humiliation” was punishment enough and that jail was not needed. Warner is worth $2.6 billion, according to Forbes."
- Ty Warner Avoids Jail- Beanie Baby Billionaire Sentenced to Probation For Tax Evasion
http://www.independent.com/news/2014/jan/14/ty-warner-avoids-jail/
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