Ty Warner, Beanie Babies Creator, Pleads Guilty to Tax Evasion

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Beanie Babies creator Ty Warner has been hit with a tax evasion penalty to the tune of $53.5 million. Of course, when you're worth a reported $2.3 billion ...

T. Warren

Warner was charged with federal tax evasion after allegedly failing to report more than $3 million in income earned in a Swiss bank account back in 2002.

The CEO struck a plea bargain with prosecutors to stay out of prison.

Ty was looking at five years in prison for the crime, but by agreeing to plead guilty to the tax evasion charge, and pay the penalty ASAP, he'll be free.

Warner's lawyer said Ty accepts responsibility, calling the debacle "an unfortunate situation that Mr. Warner has been trying to resolve for several years now."

Probably wishes he'd put all his money in Beanie Babies. Oh, wait ...

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people who are so affected by money must be locked up.