The billionaire creator of Beanie Babies is begging a judge not to put him behind bars after admitting to tax evasion.
H. Ty Warner, the man behind the lovable plush toys popular in the 1990s, reportedly faces a stint in prison for up to 57 months when he's sentenced on Jan. 14 in Chicago. (Via KSDK)
Warner's been accused of hiding as much as $107 million in a Swiss bank account to avoid paying taxes on it. (Via Time)
He pleaded guilty to the accusation in court back in October. Now, all that's left is for a judge to decide how Warner will pay for his crime.
But Warner, who also owns New York City's Four Seasons Hotel, told the judge he believes he should get probation, not prison time. (Via WLS-TV)
The billionaire believes he deserves to be let off easy because he paid a $53 million penalty and at least $16 million in back taxes and interest as part of a plea agreement. (Via Forbes)
And Warner says his rough childhood also played a role in his wrongdoings.
"Warner told a judge his mother was schizophrenic, his father largely absent. He had to drop out of college because he couldn't afford tuition, he said, and he had to work small jobs." (Via WMAQ)
And according to the Chicago Tribune, a 41-page document filed in federal court Wednesday reads, "'Ty emerged from an unhappy family and a youth devoid of educational advantages' to become a 'self-made American success story.'"
According to authorities, Warner opened the Swiss bank accounts in question to sidestep more than $5 million in taxes.
He's just one of more than 100 people prosecuted over the past five years for tax evasion as authorities continue to crack down on similar scams. (Via Euronews)
Warner said in court his decision to evade taxes was a bad one, and he reportedly blames his Swiss financial advisers for talking him into the crime.
