Beanie Baby creator faces 5 years in prison
Posted by: Jon Ben-Mayor on 01/14/2014 08:38 AM
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Ty Warner, the creator of the annoying bean stuffed animal dolls that were all the rage in the '90's is facing federal tax evasion charges in Illinois after his guilty plea for hiding over $3.1 Million in foreign income from the IRS.
Prosecutors have asked for prison time for Warner, citing sentences given in similar cases. Warner's attorneys want probation, noting in a court document his unhappy childhood, charity work and acceptance of responsibility.
The charges allege that Warner earned over $3.1 million through investments that were held in the Union Bank of Switzerland, he did not divulge the funds to his accountants nor did he report the earnings on his 2002 income tax filing, the omission resuled in non-payment of approximately $885,300 in taxes owed for 2002.
Warner faces up to five years in federal prison at his sentencing which is scheduled for today.
Will he be the big beanie or the small beanie in prison?
Prosecutors have asked for prison time for Warner, citing sentences given in similar cases. Warner's attorneys want probation, noting in a court document his unhappy childhood, charity work and acceptance of responsibility.
The charges allege that Warner earned over $3.1 million through investments that were held in the Union Bank of Switzerland, he did not divulge the funds to his accountants nor did he report the earnings on his 2002 income tax filing, the omission resuled in non-payment of approximately $885,300 in taxes owed for 2002.
Warner faces up to five years in federal prison at his sentencing which is scheduled for today.
Will he be the big beanie or the small beanie in prison?
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