November 2013

Jay Weill comments on offshore tax evasion case for Bloomberg news


As billionaire Beanie Baby creator H. Ty Warner awaits his sentence for offshore Swiss bank tax evasion, he may find solace in the sentences many similar felons are getting — probation or prison terms lighter than prosecutors wanted.

Warner, the 69-year-old hotelier and maker of plush toys, pleaded guilty Oct. 2 to tax evasion related to Swiss accounts in which he held as much as $107 million. He owes $5.6 million in taxes and a civil penalty of $53.6 million. Under advisory guidelines for his sentencing, set for Jan. 15 in Chicago, he faces 46 months to 57 months in prison.