Loading…
Thursday, July 10, 2014
Current Weather
Loading Current Weather....
Published: Wednesday, 10/2/2013 - Updated: 9 months ago

Beanie Babies creator pleads guilty to tax evasion

ASSOCIATED PRESS

CHICAGO  — The billionaire who created Beanie Babies has pleaded guilty to a tax evasion charge that could send him to prison for years.

H. Ty Warner broke down crying in court and apologized as he entered his plea today. Then, he removed his designer tortoise-shell glasses and sought to regain his composure before a federal judge in Chicago.

He said he knew he had much to be thankful for, mentioning his successful stuffed-toys company,

He added, “There’s no excuse for my actions.”

Judge Charles Kocoras stopped Warner and told him “there will be time for you to bare your soul” at his Jan. 15 sentencing.

The 69-year-old admitted he failed to pay around $5 million in taxes due over 11 years. Tax evasion carries a maximum five-year prison term.



Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.

Related stories




Poll