‘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?

Hire Me MKE


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

Wanna Play DJ?


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

Recent Headlines

in Music

Elton John marks World AIDS Day with call to action


The "Rocket Man" star has spent years campaigning and raising money to fight HIV/AIDS with his Elton John AIDS Foundation, and he recently announced a special partnership with the U.S. government.

in National, Sports

Lawyers for Boston Marathon bomber to argue for new trial

Boston Marathon bombing suspect Dzhokhar Tsarnaev is pictured in an undated FBI handout photo

Lawyers for Boston Marathon bomber Dzhokhar Tsarnaev are due in court on Tuesday to seek a new trial for their client, who was sentenced to death in June for the 2013 bomb attack that killed three people and injured more than 260.

in Sports

Kentucky remains on top


The Wildcats are off to a 7-0 start and got 59 of the first place votes.