Ty Warner Sentencing: Beanie Babies Creator Gets Two Years Probation For Tax Evasion

Ty Warner was sentenced to two years probation for tax evasion today after appearing before a federal judge today. The Inquisitr previously reported that Warner plead guilty to the tax evasion charges that dated back to 2002. Warner is charged with evading taxes on $25 million in income.

Warner, 69, did apologize last year after pleading guilty, though a judge stopped him and said he’d have the chance to explain himself fully at sentencing according to the Huffington Post. Reports state that the Beanie Babies billionaire “went to great lengths” to hide money in a secret Swiss bank account.

Court documents state that after pleading guilty to tax evasion, Warner also agreed to pay a $53.6 million penalty for failure to file a Foreign Bank Account Report. The Chicago Tribune reported that the prosecution has asked that Warner do prison time. Warner’s attorneys stated that they wanted probation given not only his charity work and for accepting responsibility for his actions, but also citing his unhappy childhood.

U.S. District Judge Charles Kocoras read several letter he had received in support of Warner, many of which detailed his charitable works. After stating that “Warner’s private acts of kindness, benevolence and generosity are overwhelming,” Kocoras sentenced Warner to two years of probation, along with 500 hours of community service. Warner did get his chance to address the court and apologized for his actions in a statement that read:

“Unfortunately I never realized that the biggest mistake (I) ever made in my life would cost me the respect that was most important to me,” Warner said, reading from written remarks in a low voice. “For all if this, your honor, I am truly sorry.”

The Chicago Tribune reported that on top of the $53 million civil penalty, Warner also agreed to pay at least $16 million in back taxes. After leaving the Dirksen US Courthouse, Warner declined to comment on his sentence.