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 Entertainment, Viral Videos

WATCH: ‘Star Wars’ awakens force with teaser trailer

17-overlay2

"There has been an awakening. Have you felt it?"

in Music

This week’s top rock tracks

foofighters

LISTEN: This week's top rock songs, according to the latest Billboard chart.

in Weird

Cops to lady: Ma’am, you dropped your drugs

arrest

A woman being cited for public drunkenness accidentally dropped a baggie of crack cocaine on the police station floor.

in Black Friday, Viral Videos

Black Friday facts that will make you think twice

22-overlay2

Before you wait in line for doorbuster deals, check out these Black Friday facts.

in Trending, Viral Videos

TODAY’S MUST SEE: ‘Friends of the Galaxy’ mashup

24-overlay2

If "Guardians of the Galaxy" was set to the "Friends" theme.