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

14 hours ago in Entertainment

Jim Beam fills 14 millionth bottle of bourbon

jimbeam807686855761

Jim Beam has filled and sealed its 14 millionth barrel of bourbon since the 1933 repeal of Prohibition, achieving a first in the bourbon industry.

15 hours ago in Music

Stone Temple Pilots shoot down Scott Stapp rumors

scottstapp

Stone Temple Pilots have denied reports suggesting the former Creed rocker is set to become their new lead vocalist.

15 hours ago in Entertainment, Viral Videos

‘Star Wars: The Force Awakens’ as told by emojis

11-overlay-2

If the blockbuster movie was told entirely by characters on your cell phone.

15 hours ago in Entertainment, Weird

‘Rock’ your clock

dwaynetherockjohnson690454149554

Dwayne "The Rock" Johnson has an app to help you organize their day.

15 hours ago in Entertainment, Sports

Hulk Hogan seeks second slam of Gawker over racist comments leak

Terry Bollea, known as professional wrestler Hulk Hogan, listens while testifying in his case against the news website Gawker at the Pinellas County Courthouse, in St. Petersburg, Fla., Monday, March 7, 2016. Hogan is suing Gawker for $100 million for publishing a video of him having sex with his best friend's wife. (Boyzell Hosey/Tampa Bay Times via AP, Pool)

Hulk Hogan accused Gawker of leaking his racist remarks in a lawsuit filed in Florida on Monday involving a secretly-recorded sex tape of the wrestling celebrity, who recently won $140 million in damages against the media website in a related case.