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 Viral Videos

Riding whales with kayaks

Fresh
Whale Kayaking

This kayaker takes whale watching to a whole new level.

in Music

Paul McCartney recording with Alice Cooper, Joe Perry

Fresh
mccartney

The Beatle is recording new material with fellow rockers and a movie star.

in Entertainment

Shia LaBeouf has September court date

shia

The actor's disorderly conduct case is adjourned until the fall.

in Lifestyle

If you need a passport, prepare to wait

passport

The State Department says its global database for issuing travel documents has crashed, causing major delays for travelers.

in Music

Courtney Love wants a Kurt Cobain biopic

Musician Courtney Love attends a screening of "Rush" hosted by Ferrari & The Cinema Society on Wednesday, Sept. 18, 2013 in New York.

The rocker says she wants to start production in the next year, adding "It's time to do this."