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

8 hours ago in Music

Janet Jackson is expecting

janetjackson

The "Rhythm Nation" hitmaker is reportedly pregnant with her first child, less than two weeks before she celebrates her 50th birthday.

9 hours ago in Entertainment

REVIEW: In-fighting is entertaining in ‘Captain America: Civil War’

13-overlay

"Civil War" stands out as certainly the biggest of the stand-alones, and among the best because of what it has in common with the better films in the Marvel universe: the conflict is deeply human, told humorously, and best enjoyed if you don't overthink it.

10 hours ago in Music

Prince was to meet with doctor for painkiller addiction

12-overlay-3

The body of music superstar Prince was found one day before a doctor was to meet him to help end an addiction to pain killers, according to news reports.

11 hours ago in Viral Videos

This ‘Game of Thrones’ inspired Mother’s Day gift is sure to be a hit

24-overlay-1

Still looking for a last minute gift for mom? Jimmy Kimmel has got you covered.

16 hours ago in Entertainment

Dan Aykroyd adapting ‘Blues Brothers’ for animated series

danaykroyd391647313397

The animated project will also feature the band's original songs, as well as soul and blues classics, and new material recorded specially for the series, which Aykroyd will help to develop alongside "Saturday Night Live" writer Anne Beatts.