Beanie Babies billionaire could get prison time

Ty Warner, creator of Beanie Babies.

January 14, 2014 7:30:47 AM PST
The billionaire creator of Beanie Babies will soon learn whether he'll have to spend up to five years in prison for evading taxes on $25 million in income.

H. Ty Warner's sentencing on Tuesday will also give him a chance to apologize at length for hiding his millions in Swiss bank accounts.

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.

Defense attorneys are arguing for probation, pointing to Warner's unhappy childhood and his charity work.

Prosecutors say Warner should spend some time in prison, though they haven't recommend how much. They also say his philanthropy shouldn't be "a get-out-jail card."