Beanie Babies creator gets probation for tax evasion

The billionaire creator of Beanie Babies, Ty Warner, will serve two years of probation, including mentoring high school students, following his guilty plea on a tax evasion charge, but no jail time, a federal judge ruled on Tuesday.

Reuters reports the 69-year-old pleaded guilty in October to failing to report more than $24.4 millin in income and evading nearly $5.6 million in federal taxes from millions hidden in Swiss bank accounts.

Warner was sentenced to at least 500 hours of community service.

Read more from Reuters.