Beanie Babies Creator Wants No Prison Time For Tax Evasion

Law360, Washington (January 2, 2014, 5:51 PM EST) -- Billionaire Beanie Babies creator H. Ty Warner on Tuesday asked an Illinois federal judge not to impose prison time for his federal tax crime, after pleading guilty to hiding $3.1 million in income earned in a secret account with Swiss bank UBS AG.

Warner said his acceptance of responsibility for the crime, including his efforts to join the Internal Revenue Service’s voluntary disclosure program for tax evaders, should be considered in sentencing.

His payment of more than $65 million in restitution and penalties also makes a...
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