CHICAGO, IL – Ty Warner — the self-made billionaire creator of Beanie Babies — didn’t want to pay taxes like the rest of us. But cheating only gets you so far.
On Tuesday, Warner got sentenced to two years of probation and 500 hours of community service. The 69-year-old toy magnate had apparently been stashing cash in a Swiss bank account for years. While several others – who were reportedly doing it too – escaped persecution, financial firm UBS turned on Ty and outed him to the feds.
But the judge was basically a softie.
Warner’s charitable work helped buy him a ticket out of the slammer. But he still got hit with $53 million in civil penalties, $16 million in back taxes and a $100,000 fine.
A drop in the beanie bucket.