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

19 hours ago in Local

18yo arrested on suspicion of abandoning son in Everett dumpster

baby

Police got a tip this week that she had been pregnant and then appeared not to be pregnant anymore, refusing to talk about what happened.

1 day ago in Local

Ulta Beauty and Sephora coming to Bellingham

beauty products

Ulta Beauty is setting up shop next to Abercrombie and Fitch in the Bellis Fair Mall, and Sephora will be opening in JC Penny.

1 day ago in Local

National pharmaceutical company forced to pay state $23 million

pharmacy

The State Attorney General says drug-maker Wyeth, which is owned by Pfizer, underpaid Medicaid.

1 day ago in Local

Bellingham man is sentenced to nine months for rape

prison

it could have been much longer.

2 days ago in Local

A rental scam to watch out for in Whatcom County

rent graphic

The scammer was obviously hoping to get money before the renters learned it was a scam.