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Beanie Babies founder given 2 years of probation

3:05 PM, Jan 14, 2014   |    comments
Ty Warner, creator of Beanie Babies, signs autographs in a rare appearance to celebrate the 10th anniversary of the Beanie Babies toy line at the American International Toy Fair February 16, 2003 at the Jacob K. Javits Convention Center in New York City. (Chris Hondros/Getty Images)
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CHICAGO -- The billionaire creator of Beanie Babies has been sentenced to two years of probation but no prison time for tax evasion.

H. Ty Warner appeared somber but composed as he made a brief statement at Tuesday's sentencing. Warner apologized and said he felt "shame and embarrassment" for what he had done.

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.

Warner could have been sentenced to up to five years in prison for not paying taxes on $25 million in income stashed in Swiss bank accounts.

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(Associated Press)

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