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

3 days ago in Local

PDR Disabled You Deer Hunt Looks For Disabled Children

fawn_deer

The PDR Disabled Youth Deer Hunt is looking for disabled adolescents to attend a free whitetail deer hunt.

3 days ago in Local

Gov Dayton Says Clinton is Best Qualified for President

Democratic presidential candidate Hillary Clinton speaks at New York University's Kaufman Management Center

Featuring: Hillary Clinton
Where: New York City, New York, United States
When: 24 Jul 2015
Credit: Dennis Van Tine/Future Image/WENN.com

**Not available for publication in Germany, Poland, Russia, Hungary, Slovenia, Czech Republic, Serbia, Croatia, Slovakia**

Minnesota Governor Mark Dayton has maintained support for Presumptive Democratic Nominee, Hillary Clinton

3 days ago in Local

Epidemiologist Warns of Ticks Over Memorial Day Weekend

Lake Oakwood Shore-approved-inhouse

With Memorial Day weekend just ahead, thousands of Nebraskans will be heading out on their first camping trips of the season -- and they'll need to take precautions against ticks.

3 days ago in Local

Iowa Police Chief Retires

police to protect and to serve approved clipart

Officials in Iowa City will be looking for a new police chief. Sam Hargadine on Monday announced his retirement, effective June 30.

4 days ago in Local

Dairy Overlay District May Come Soon to Yankton

DairyCows

The Yankton County Commission will host a public meeting this week to talk about forming a dairy overlay district.