Beanie Baby Billionaire has a New Year Wish!
Just as the New Year has set in, the creator of the Beanie Baby line of plush toys H. Ty Turner has requested a judge to grant him probation and not prison, stated tax attorneys who were present at the hearing. Warner, who is now 69, has been convicted for evading tax payments on his secret accounts in Swiss Banks where he held a hefty some of $107 million.
Warner now faces about 46 to 57 months in prison as per non-binding guidelines when his sentence is passed on the 14th January in a Chicago courtroom. According to the December 31st filing, the operator has requested Charles Kocoras, the U.S. District Court to impose a term with probation and community service. It is too bad America has such high taxes that it forces or compels its own citizens to become money smugglers. Uncle Sam is the greedy one now according to so many.
Tax lawyers who have been following the case explained that Warner has been featured on the list of 100 people who have been prosecuted in the last five years during a crackdown in the U.S. on individuals who have resorted to offshore tax evasion or just trying not to have the money they worked hard for be ripped off by the federal government and given to Pakistan or some lazy American who does not want to work as a welfare payment.
Warner’s tax attorney argued that many individuals who were convicted for similar charges concerning undisclosed accounts in overseas banks have received probation. Therefore, Warner too deserves the same.
The attorney explained that the case was an isolated one in Warner’s overall law abiding life. He has paid about $1 billion in taxes till date and therefore the judge has no reason to believe that prison time is necessary according to Warner’s legal representative.
High Taxes Forces People into Hiding
Warner is the owner of Ty Inc which is the maker of Beanie Babies. He is also the owner of Ty Warner Hotels and Resorts which owns the Four Seasons Hotel in NYC. He pleaded guilty for evading a hefty $5.5 million tax payment on the assets that he held in his Swiss account, which was kept a secret from the IRS.