U.S. attorney to appeal Ty Warner's sentencing

The U.S. attorney's office in Chicago will appeal a sentence that kept Oak Brook billionaire Ty Warner out of prison after he failed to report at least $25 million from tax, according to media reports.

Warner, the creator of Beanie Babies and owners of Westmont-based TY Inc., pleaded guilty last year to 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.

Warner received two years of probation instead of prison time at his sentencing last month, where he faced a potential five years in prison.

During the sentencing, Judge Charles Kocoras also ordered Warner to complete 500 hours of community service in Chicago high schools.

The 69-year-old Oak Brook resident was recently estimated to have a $2.6 billion net worth by Forbes, which said Warner agreed to pay $27 million in back taxes and more than $53 million for a civil penalty, according to reports.