“Beanie Babies” creator Ty Warner has just plead guilty to tax evasion as part of a plea bargain to keep the 69-year-old billionaire from serving any prison time.
Warner must pay a penalty of $53.5 million for tax evasion after reportedly failing to notify the IRS of more than $3 million in income he earned in an offshore bank account in Switzerland back in 2002. If the toy creator had decided to not take the plea bargain, he would of faced up to 5 years in prison.
The billionaire’s lawyer calls the situation “an unfortunate situation that Mr. Warner has been trying to resolve for several years now,” according to TMZ.
Ty Warner has a reported net worth of $2.3 billion.
