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

tomcruise

A look back on some of the most memorable moments in Hollywood history.

in Entertainment

REVIEW: Evil clown returns for “Poltergeist” reboot

18-overlay4

Just when you felt it was safe to look under the bed, we're given another "Poltergeist" movie.

in Entertainment

PLAYLIST: 19 of the best Summer songs

Patriotic Music

Memorial Day marks the unofficial start of summer. Start your season off right with this playlist spanning the '60s to now.

in Entertainment

Netflix: What’s coming and going in June

netflix

Take this long weekend to binge on shows and movies that are leaving Netflix and get a sneak peak at what's coming next month.

in Entertainment

REVIEW: Disney goes meta at the multiplex with ‘Tomorrowland’

21-overlay7

Long before the credits roll, Tomorrowland will have you craving a theme park turkey leg and planning a meet up at Mr. Toad's Wild Ride.