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

Today in entertainment history: Sept. 2

rock2

A look back at some of Hollywood's most memorable headlines.

in National, Sports

Los Angeles wants to host 2024 Summer Olympics

20-overlay1

The Los Angeles City Council voted unanimously on Tuesday to pursue a bid to bring the Summer Games to town in 2024 and become the only city besides London ever to host the Olympics three times.

in Entertainment

Nicholas Hoult to take on J.D. Salinger in new biopic

nicholashoult

The British actor will portray the beloved American author in "Rebel in the Rye."

in Entertainment

‘Spectre’ could be Daniel Craig’s last ‘Bond’ movie

danielcraig

The British star, whose turn in "Spectre" marks his fourth time playing 007, has now admitted he has no current plans to appear in another Bond movie

in National

Harriet Tubman, Susan B. Anthony among frontrunners for new $10 bill

God Money

Officials plan to make a decision by this fall with the total redesign completed by 2020, the 100th anniversary of the passage of the 19th Amendment giving women the right to vote.