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.

Portland Weather

condition Condition: Clear/Sunny
Temperature: 21°
High: 28° - Low: 26°

Latest Headlines

in Entertainment

Today in entertainment history: March 3

Fresh
cab

A look at today in entertainment history.

in Music

New music now comes out on Fridays

music

For decades, new music releases came out on Tuesdays, but not anymore.

in Entertainment

‘Focus’ reigns supreme at weekend box office

focus

Will Smith has whipped "Fifty Shades of Grey" in the box office race.