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Toy story: Beanie Babies founder evaded taxes

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in Small Business Tax

Ty Warner, founder of the Beanie Babies, was found to have evaded taxes of more than $3.3 million by hiding funds in foreign accounts. He pleaded for leniency while support poured in due to his philanthropic gestures. The judge handed down a light sentence of only two years of probation and 500 hours of community service.

Warner has already paid more than $53 million in civil penalties.

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