Beanie Babies billionaire H. Ty Warner to be sentenced, faces up to 5 years for tax evasion
CHICAGO - The billionaire creator of Beanie Babies steps before a federal judge Tuesday to learn if he'll have to spend up to five years behind bars for evading taxes on $25 million in income.
H. Ty Warner's sentencing will also give him a chance to apologize at length for hiding his millions in Swiss bank accounts.
The 69-year-old apologized and wiped away tears when he pleaded guilty last year. But the judge in Chicago stopped him and said he could explain himself fully at sentencing.
Defence attorneys argue for probation, pointing to Warner's unhappy childhood and his charity work.
But prosecutors say Warner should spend some time in prison; they don't recommend how much.
A government filing says about Warner's philanthropy: "Charity is not a get-out-jail card."
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