News

‘Beanie Babies’ creator pays $53M tax penalty

‘Beanie Babies’ creator pays $53M tax penalty

Photo: Associated Press

Ty Warner
Ty Warner, the creator of Beanie Babies, has been charged with tax evasion.

CHICAGO (AP) — The creator of Beanie Babies stuffed animals has been charged with federal tax evasion for allegedly failing to report income earned in a secret offshore account, and he’s agreed to pay a more than $53 million penalty.

Prosecutors in Chicago announced charges Wednesday against H. Ty Warner. His attorney issued a statement saying the 69-year-old would plead guilty and pay a penalty of more than $53 million.

Defense lawyer Gregory Scandaglia called the matter an “unfortunate situation” that Warner “has been trying to resolve for several years.”

Warner lives suburban Chicago and is the sole owner of TY Inc. The company designs and sells plush toy animals, including Beanie Babies.

According to charging documents, Warner maintained a secret offshore account with the Switzerland-based financial services company, UBS, starting in 1996.

Recent Headlines

in Viral Videos

‘Baby Got Class’: A back to school parody

Fresh
22-overlay5

The family that brought you "Xmas Jammies" is back with another fantastic parody video.

in Music

GWAR to tour without Dave Brockie

Fresh
gwar

The rockers are preparing to start their first tour without late frontman Dave Brockie.

in Viral Videos

This is the greatest Ice Bucket Challenge fail. Period.

18-overlay6

WATCH: A girl attempts the Ice Bucket Challenge immediately after having her wisdom teeth removed. It backfires miserably.

in Weird

Man drives stolen shopping cart to probation meeting

cart

Police say a man rode a stolen electric shopping cart this week to meet with his probation officer.

in Viral Videos

What Nick Offerman thinks about in the shower

21-overlay7

These genius thoughts prove Nick Offerman is more than just a simple man with a glorious mustache.