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

Viola Davis to play Harriet Tubman

Fresh
violadavis

She will star in a biography about the woman who helped countless slaves escape to freedom.

in Music

Kid Rock makes concert history in native Michigan

Fresh
kidrock

The rocker has shattered a record for ticket sales.

in Entertainment

‘Grey’s Anatomy’ fans launch petition to bring ‘McDreamy’ back

patrickdempsey

One superfan claims she isn't sleeping or eating because she is so distraught over the death of Patrick Dempsey's character.

in Music

Billy Corgan producing wrestling

billycorgan

The Smashing Pumpkins star has a new gig.