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

‘Jersey Shore’ star heading to trial on tax evasion

sorrentino

Reality TV star Michael "The Situation" Sorrentino pleaded not guilty to federal tax fraud charges.

in Music

One Direction’s new video stars a chimp and Danny DeVito

14-overlay2

The pop stars will release the music video tomorrow for their latest single "Steal My Girl" and it looks ... interesting.

in Viral Videos

WATCH: Justin Bieber’s boxing lessons

25-overlay3

The pop star is reportedly taking boxing lessons from Floyd Mayweather ... and Conan O'Brien has the footage.