|

Beanie Babies maker gets probation for tax evasion

By Michelle Kapusta,

The creator of the Beanie Babies toys will not serve any prison time, but did get probation for tax evasion.

According to the Associated Press, a federal judge sentenced Ty Warner to two years' probation Tuesday for hiding millions from U.S. tax authorities.

The Wall Street Journal has reported that an undeclared offshore account earned Warner nearly $25 million in income.

The 69-year-old, who is the chief executive of Ty Inc., pleaded guilty to one count of tax evasion.

The toy maker was looking at five years prison time, but instead received probation plus 500 hours community service.

Beanie Babies are a line of stuffed animals that became very popular in the '90s. The insides are stuffed with plastic pellets, which sets them apart from traditional stuffed animals.

In 1993, Warner’s company released the first nine Beanie Babies animals: the Frog, Pig, Dog, Dolphin, Whale, Moose, Platypus, Bear, and the Lobster. Three years later, the line expanded when the Teenie Babies were introduced.

 

Fun Stuff

 

Join Our Newsletter

Popular Threads