( CNN ) -- Ty Warner , the billionaire creator of Beanie Babies plush toys , wo n't serve prison time for hiding millions of dollars in secret Swiss bank accounts to evade taxes . A judge sentenced Warner to two years ' probation Tuesday , ordering him to perform 500 hours of community service at three Chicago high schools and pay a $ 100,000 fine . `` Society will be best served to allow ( Warner ) to continue his good works , '' U.S. District Judge Charles Kocoras said at a sentencing hearing Tuesday , according to the U.S. Attorney 's Office in Chicago . Warner had pleaded guilty to tax evasion and already paid a $ 53 million civil penalty and about $ 27 million in back taxes , prosecutors said . When he pleaded guilty , Warner admitted that he had maintained Swiss bank accounts with an unreported gross income of more than $ 24 million . Warner is the owner and founder of TY Inc. , which hit it big in the 1990s when Beanie Babies became some of the nation 's hottest toys and collector 's items . The plush animals sell for as little as $ 5 , though rare models can fetch thousands of dollars at auction . While Beanie Babies have largely faded from the public consciousness , they 've made a fortune for Warner . Forbes Magazine estimates his net worth as of September at $ 2.6 billion . The tax evasion charge carried a maximum penalty of five years in prison and a $ 250,000 fine . CNNMoney 's James O'Toole and CNN 's Kara Devlin contributed to this report .
A judge sentences Ty Warner to two years ' probation and community service . Warner , who pleaded guilty to tax evasion , must also pay a $ 100,000 fine . Comment: