Beanie Baby creator Ty Warner will serve two years of probation after pleading guilty to tax evasion, and won't serve any time in jail, according to a report by Reuters.

Warner, 69, will have to mentor high school students as part of his probation, according to a ruling by a federal judge this week.

The billionaire pleaded guilty in October, and told U.S. District Court Judge Charles Kocoras that the crime was the "biggest mistake" of his life and that he is "truly sorry," according to Reuters.

Forbes ranked Warner as the 209th richest American in 2013, with a net worth of $2.6 billion.

He failed to report over $24.4 billion in income and evaded approximately $5.6 million in federal taxes from millions hidden in Swiss bank accounts, Chicago prosecutors proved, according to Reuters.

Federal guidelines called for over a five year prison sentence, and prosecutors argued he should have to serve at least some time due to the extent of the cover up.

"Society will be best served by allowing him to continue his good works," Kocoras determined, according to Reuters.

Warner had already agreed to pay a civil penalty of $53.6 million before the verdict. He will also have to serve 500 hours of community service, which will include mentoring students at Leo High School in Chicago.

Beanie Babies, a small plush usually sold for $5 to $7, hit their peak of popularity in the 1990s when some buyers paid hundreds of dollars for "rare" characters.

So what do you think? Did Warner get off easy?

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