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 Music

Jack White ‘proud’ of ‘Seven Nation Army’ crossover success

jackwhite

The former White Stripes rocker says the track's popularity at sporting events is a huge compliment.

in Trending, Viral Videos

TODAY’S MUST SEE: ‘Scaring’ with the ‘Stars’

11-overlay3

Halloween is alive and well on the set of the hit ABC show "Dancing With the Stars."

in Music

Gregg Allman dropped from ‘Midnight Rider’ lawsuit

allman

The rocker was was dropped from a wrongful death suit stemming from the on-set death of a Georgia woman during the filming of "Midnight RIder."

in Weird

Burglary suspect busted after forgetting to flush

toilet

Investigators tied a suspect to a burglary using DNA left on a toilet.

in Sports, Viral Videos

Nike hype video welcomes LeBron back to Cleveland

14-overlay4

The video huddles the whole city as "The King" returns home.