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.

What's On 'KLH?

$1.3 Million Thanks!

MirMar2015_int_wp

Thanks to you the D&C Miracle Marathon raised over $1.3 Million for Children’s Hospital!

You can still donate online all weekend!

Hire Me MKE

HireMeMKE_620x400

Looking for a job around the Milwaukee area? Check out some openings>>

Wanna Play DJ?

HEYMOM

You can host your own show Sunday night at 6 on ‘KLH!

Recent Headlines

in Sports

NBA: Top players, plays of the season

Fresh
20-overlay6

A look at some of the most memorable moments of the regular season.

in National

Egg prices jump as impact of bird flu begins pinching supply

Fresh
eggs

The price of eggs has risen by as much as 58 percent, as farmers battle a bird flu that has killed millions of hens.

in Election 2016, National

Republicans looking for a few good ‘losers’ in 2016

Fresh
republicancandidates

As the next presidential election cycle begins the goal isn't necessarily to win every race, but to improve the performance of the Republican ticket overall.