The Beanie Babies creator cries in court as he pleads guilty to a tax evasion charge. On Oct. 2, ABC News reported that Beanie Babies creator Ty Warner broke down in court in Chicago this morning. He faces several years behind bars and his guilty plea and reaction seem to suggest that he's preparing for a stiff sentencing. That date is set for Jan. 15, 2014.
"There's no excuse for my actions," Warner said. He removed his sunglasses, wiped his eyes, and tried to regain his composure according to the report. Over the past 11 years, Warner has failed to pay $5 million in taxes.
The Beanie Babies creator cries story made national news today but it's not because people feel bad for him. This is just another case of a mogul millionaire failing to pay taxes and getting caught. Sadly, this happens a lot and the IRS has been playing catch up for years.
If convicted (which he undoubtedly will be), Warner faces "years" in prison. He may also get fined on top of the likely prison sentence. The judge doesn't seem to have any sympathy for Warner... in fact, he said, "there will be time for you to bare your soul."
Although the Beanie Babies creator cries in court, that doesn't mean that he's really "sorry." He may just be upset because he got caught -- isn't that usually how it goes?
© Effie Orfanides 2013