Beanie Babies creator gets probation, no prison

[TexasTowelie]

Source: AP

CHICAGO (AP) — The billionaire creator of Beanie Babies was sentenced to two years of probation, but no prison time, on Tuesday for tax evasion on $25 million in income he had stashed away in Swiss bank accounts.

H. Ty Warner, 69, appeared somber but composed as he made a brief statement before receiving his sentence in a Chicago federal courtroom, apologizing and saying he felt "shame and embarrassment" for what he had done.

He could have been sentenced to up to five years in prison, and prosecutors were seeking prison time for Warner, who pleaded guilty last year to a single tax evasion count.

U.S. District Judge Charles Kocoras, however, sentenced Warner to probation and 500 hours of community service, praising the toy magnate for the charity work he's done.

Read more: http://www.mysanantonio.com/news/crime/article/Beanie-Babies-creator-gets-probation-no-prison-5140435.php

[Trillo]

1. So, what do poorer people get when they evade taxes?

Do poor people do "charity work" ?

U.S. District Judge Charles Kocoras, however, sentenced Warner to probation and 500 hours of community service, praising the toy magnate for the charity work he's done.

[Phil1934]

2. average Joe would be in jail

The judge said Warner's "public humiliation" and "private torment" as a result of his criminal prosecution was a punishment he's already paid. Couldn't his be applied to all crimes, or just those of the very rich?

[jsr]

6. Poor people never experience public humiliation and private torment.

[happyslug]

10. IRS policy is NOT to jail people who are not front page items

Thus poor people just pay up, they are rarely charge for IRS violations. These violations are handle administratively, thus fines must be paid, but no jail time.

The IRS wants front page headlines and go after people who are front page headlines. The IRS has a long history of doing this, think Al Capone (lots of income, no taxes paid AND it was front page news). The justification behind this is that people hear of people going to jail, and to avoid jail they pay their taxes.

[Dollface]

3. It's good to be King!

[zeemike]

4. Another tragic victim of affluenza.

You got to feel sorry for him having to do 500 hours of pretend work.

[jsr]

5. Kids, Don't Try This At Home

Only billionaires can get probation.

[Dawson Leery]

7. Of course a .00001% is not going to jail.

His tribute to Ronnie Reagan beanie baby makes much more sense now.

[tofuandbeer]

8. That's shameful U.S. District Judge Charles Kocoras!

[JEFF9K]

9. THE HARSHEST SENTENCES ...

THE HARSHEST SENTENCES ... went to the people who invested their life savings in Beanie Babies.

[CFLDem]

16. Oh yes

because someone made then overpay for a doll.

[dbackjon]

11. Jail is for the little people.

[muriel_volestrangler]

12. That sends a message - "find an expensive lawyer, and cheat on your taxes"

"Forbes recently put his net worth at $2.6 billion"
"Prosecutors say at one point, Warner was concealing as much as $107 million."
" He earned $3.1 million in gross income in 2002 through the account"
"Warner agreed to pay a civil penalty of more than $53 million and $5 million in back taxes."

But what got him off jail time was a $20,000 charitable donation to a stranger (ignore the "$20 million charitable donation of proceeds from a toy he helped design commemorating Princess Diana after her death" - as Chris Rock would say, "what do you want - a cookie?"; no-one gets credit for declining to profit off a death). So, $20,000 from $2.6bn makes you " a very unique individual ... in his service and kindness to mankind". That's 0.0008% of his wealth. Work out how much that is for you (example: if your net wealth is a comfortable $500,000 - say you own your own house, and have plenty saved for your retirement - that's $4), and consider if a judge would let you off jail time for a deliberate crime for giving that much to a stranger. Consider if the judge would even let your lawyer continue his speech in court if he brought that up.

[Javaman]

13. crime pays. nt

[rocktivity]

14. Amaetur.

rocktivity

[Phil1934]

15. Wesley Snipes just got out

after 3 years. Can you tell me the main difference between him and TY Warner?[link:|

[alcina]

17. I was thinking the same thing

Clearly the judge has a soft spot for white collars.