H. Ty Warner, the billionaire creator of Beanie Babies, was sentenced to two years of probation on Monday for tax evasion.
Mr. Warner pleaded guilty in October to avoiding federal taxes on $25 million of income he tucked away in a Swiss bank account, a CBS affiliate in Chicago reported. Prosecutors said at one point, the mogul was concealing as much as $107 million.
Mr. Warner could have faced up to five years in prison, but U.S. District Judge Charles Kocoras gave him two years probation, 500 hours of community service and a fine of $100,000.
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Mr. Warner’s lawyers sought probation and community service because of his guilty plea and philanthropic work, CBS reported.
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