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

4 hours ago in Local

Opposition Grows to Expanded Gambling in Nebraska

gambling

Gambling With the Good Life has come out against three initiative petitions to expand gambling in Nebraska.

9 hours ago in Local

SD Governor Dennis Daugaard Still Expects Deal on Medicaid

daugaard

South Dakota Governor Dennis Daugaard says the dialogue with federal officials over Medicaid expansion is continuing.

17 hours ago in Local

Nebraska Groundwater Levels on the Rise

WaterDrop

A new report shows groundwater levels are up in Nebraska, on average, six inches.

1 day ago in Local

SD Senator Mike Rounds Questions Fed Fiscal Policy

SD Senator Mike Rounds

South Dakota Senator Mike Rounds was among a group of Senators that met with Federal Reserve Board Chair Janet Yellen this week. She oversees the board that sets fiscal policy for the country.

1 day ago in Local

SD Senator John Thune; Messages in Presidential Races

John Thune School

Even though he has not officially endorsed a Presidential candidate, South Dakota Senator John Thune is paying close attention to both races.