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

This weekend in entertainment history

roseanne

A walk down Hollywood's memory lane.

in Music

KISS to star in new ‘Scooby-Doo’ movie

kiss

Gene Simmons, Paul Stanley, Eric Singer and Tommy Thayer have voiced themselves in the animated project.

in Sports

This weekend’s sports schedule

cavs

Here's a look at this weekend's sports schedule.

in Sports

This week’s top sports shots

AP53093899001_9

A look at some of this week's biggest plays and best moments in sports.

in Viral Videos

Promposal FAIL

19-overlay3

A high schooler's prom proposal doesn't go as planned.