OAK BROOK – Prosecutors are pushing for prison time for Beanie Babies creator and Oak Brook billionaire H. Ty Warner, who failed to report $25 million in income he kept in Swiss bank accounts.
According to media reports, a filing by the government in federal court Tuesday in Chicago did not specify a specific jail time for Warner, but the filing suggests that probation wouldn't be appropriate.
Warner, 69, of Oak Brook, is the sole owner of TY Inc., a Westmont-based company that designs and sells plush toy animals, including Beanie Babies.
Warner is charged with tax evasion after failing to report income he earned in a secret offshore financial account he held with UBS, a global financial services firm headquartered in Switzerland.
In a filing Jan. 1, Warner asked to receive probation when he is sentenced later this month by a federal judge, according to media reports.
He said he has met with the terms of his plea agreement, and paid a $53 million civil penalty and at least $16 million in back taxes. Warner also described himself as being a product of an "unhappy family," according to reports.
Tax evasion carries a maximum penalty of five years in prison and a $250,000 fine, according to the U.S. Attorney's Office, Northern District of Illinois.