Beanie Babies billionaire faces jail time

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Beanie Babies billionaire faces jail time
Beanie Babies founder Ty Warner is escorted from the Dirksen U.S. Courthouse in Chicago, Illinois, on Wednesday, October 2, 2013. Warner entered a guilty plea today for tax evasion, apologizing in a choked-up voice and telling a federal judge he had known his tax forms weren't accurate.
In this Feb 16, 2003 file photo, Ty Warner, Beanie Baby creator arrives at the Toy Fair to sign "Decade," the 10th anniversary baby bear in New York. Warner has been charged with federal tax evasion for allegedly failing to report income he earned in a secret offshore financial account. As prosecutors in Chicago announced the legal action against Warner on Wednesday, Sept. 18, 2013, his attorney issued a statement saying the 69-year-old would plead guilty and pay a penalty of more than $53 million.
Ty Warner, Beanie Baby creator and chief executive of Ty Inc., gives "Decade," the 10th anniversary baby bear, to Teresa Goldsmith of Greenpoint, N.Y., after signing his name to the attached tag, Sunday, Feb.16, 2003, in New York. Hundreds of people waited for several hours for the signing which is expected to add several thousand dollars to its value.
Beanie Babies founder Ty Warner is escorted from the Dirksen U.S. Courthouse in Chicago, Illinois, on Wednesday, October 2, 2013. Warner entered a guilty plea today for tax evasion, apologizing in a choked-up voice and telling a federal judge he had known his tax forms weren't accurate.
This April 19, 2003 file photo is a product photograph of "HERO Beanie Baby" as provided by the manufacturer, Ty, Saturday, in New York. The billionaire creator of Beanie Babies steps before a federal judge Tuesday jan. 14, 2014, to learn if he'll have to spend up to five years behind bars for evading taxes on $25 million in income. H. Ty Warner's sentencing will also give him a chance to apologize at length for hiding his millions in Swiss bank accounts. The 69-year-old apologized and wiped away tears when he pleaded guilty last year. But the judge in Chicago stopped him and said he could explain himself fully at sentencing. Defense attorneys argue for probation, pointing to Warner's unhappy childhood and his charity work. But prosecutors say Warner should spend some time in prison; they don?t recommend how much.
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CHICAGO (AP) - The billionaire creator of Beanie Babies steps before a federal judge Tuesday to learn if he'll have to spend up to five years behind bars for evading taxes on $25 million in income.

H. Ty Warner's sentencing will also give him a chance to apologize at length for hiding his millions in Swiss bank accounts.

The 69-year-old apologized and wiped away tears when he pleaded guilty last year. But the judge in Chicago stopped him and said he could explain himself fully at sentencing.

Defense attorneys argue for probation, pointing to Warner's unhappy childhood and his charity work.

But prosecutors say Warner should spend some time in prison; they don't recommend how much.

A government filing says about Warner's philanthropy: "Charity is not a get-out-jail card."

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