“Beanie Baby Billionaire Requests Leniency after Tax Evasion Conviction: H. Ty Warner, the billionaire creator of Beanie Baby plush toys and owner of Ty Warner Hotel & Resorts, whose operations include the Four Seasons Hotel in New York, asked a judge to give him probation, rather than prison, for evading more than $5.5 million in taxes on secret Swiss accounts that held as much as $107 million. (He pled guilty on 10/2/13 and agreed to pay a civil penalty of approximately $53.6 million.) Warner is to be sentenced in Chicago on 1/14/14 and faces up to five years in prison under nonbinding guidelines. The Beanie Baby creator and hotelier requests probation with community service, rather than a prison sentence. U.S. v. H. Ty Warner, N.D. Ill., No. 13 CR 00731.”
From Thomson Reuters news
CPA Global Tax Blog 