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

Want to smell like Tara Reid? No? Well now you can anyway

tarareid

Because everyone wants to smell like a B-list star battling sharks in an low-budget sci-fi film, there's "Shark by Tara."

in Lifestyle

In San Fran, a million won’t buy you much

house

In the souped-up world of San Francisco real estate, $1 million will barely cover the cost of an 800-square-foot starter home.

in Music

Def Leppard’s Vivian Campbell gets cancer all-clear – again

viviancampbell

The guitarist is cautiously optimistic after tests reveal he is in remission again.

in Music

Rob Zombie starts crowd-funding campaign for killer clowns

robzombie

The rocker/filmmaker wants fans to help him make another horror flick.

in Music, Viral Videos

WATCH: Bret Michaels covers ‘Endless Love,’ serenades van

bret

The Poison frontman remakes the Lionel Richie classic, while rocking out at Nissan's car testing facility.