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.

What's Happening at KIOA

Dance Party Weekend

weekends-pm

Starting Friday at 4:00p it’s a Dance Party Weekend – all weekend long shake the winter cold with songs that’ll get you movin’.

Kansas City Royals Trophy Tour

royals-trophytour-FI

Find out how to get up close with the Kansas City Royals’ World Series trophy

Valentine’s Day Vegas Getaway

valvegasgetaway-FI

Win a fabulous getaway to Las Vegas!

Amtrak’s Rails of Love

RailsofLove_DL

Enter to win a roundtrip tickets for you and your sweetheart to Chicago courtesy of Amtrak.

Hire Me Iowa

HireMeIowa_620x400_final

Looking for a job around the Des Moines area? Check out our current job listings here.

Join the Good Times Email Club

:Kioa_EmailClub-01

Join today for your shot at prizes and contests open just to members!

Recent Headlines

12 hours ago in Entertainment, Sports

You can stream the Super Bowl

superbowl50helmets

This year, CBS will broadcast the game on TV and stream it live on cbssports.com. The network will play the same commercials on TV and on the live stream.

1 day ago in Viral Videos

WATCH: Puppies predict Super Bowl 50

15-overlay-5

Right or wrong, one thing is for sure: these puppies are adorable!