Swiss Bank Accounts

Beanie Babies Creator Gets Probation for Tax Evasion

No prison time

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The billionaire creator of Beanie Babies was sentenced to two years of probation, but no prison time, on Tuesday for tax evasion on $25 million in income he had stashed away in Swiss bank accounts.

H. Ty Warner, 69, appeared somber but composed as he made a brief statement before receiving his sentence in a Chicago federal courtroom, apologizing and saying he felt "shame and embarrassment" for what he had done.

He could have been sentenced to up to five years in prison, and prosecutors were seeking prison time for Warner, who pleaded guilty last year to a single tax evasion count.