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Tax Evasion Penalty for Founder of Beanie Babies

Sizzle the BearMatters that touch on failure to pay income taxes have received a lot attention with tax authorities stepping up efforts to net those who conceal their financials. According to the Chicago Tribune, Beanie Babies, the founder of Try Warner was sent for a two-year probation term with 500 hours of hard work after pleading guilty of hiding a colossal amount of untaxed money in a Swiss bank.

While the U.S. District Judge lauded Warner for his benevolence and charity work, he was alive to the fact that bypassing the federal tax law was a serious matter that cannot be condoned. Warner could be seen taking notes as the judge read the ruling and only stood to apologize for his conduct that denied the nation millions in tax revenue. The philanthropist said it was regrettable of the mistake that would later cost him his respect and was sorry for his actions or inaction.

During the court session, the 69-year-old Chicago billionaire pleaded guilty to the count of having evaded paying taxes as per the law established. Although the federal prosecutors did not prefer a specific period of sentence, they suggested a strict application of the rules that allow the court to give serious considerations when determining the consequences of the sentence.

Warner agreed to a civil penalty of $53 million and $16 million in overdue tax. He did not comment on the ruling as he moved out of court. The prosecutors said that while Mr. Warner did not receive a prison sentence, the mere fact that the highly respected personality had to face the shame and embarrassment during the court hearing is good enough, Fardon said.

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