GO
Loading...

Beanie Babies creator to pay $53 million for tax evasion

Wednesday, 18 Sep 2013 | 1:08 PM ET
Ty Warner, creator of Beanie Babies toys.
Getty Images
Ty Warner, creator of Beanie Babies toys.

The man behind the Beanie Babies stuffed animal craze will plead guilty to tax evasion and pay $53 million in fines for stashing money in a secret offshore account.

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 the 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."

(Read more: iPhone reviewers weigh in: 5S still 'best' but competition mounting)

One Singaporean man's Barbie obsession
A Singaporean man who describes himself as a "toy nerd," shows off his collection of more than 6,000 Barbie dolls.

Warner lives suburban Chicago and is the sole owner of Ty Inc. The company designs and sells plush toy animals, including Beanie Babies.

(Read more: Hurry up, Santa! Holiday deals start this weekend)

According to charging documents, Warner maintained a secret offshore account with the Switzerland-based financial services company, UBS, starting in 1996.

—By The Associated Press

  Price   Change %Change
UBSN
---

Featured

Contact Crime

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More

American Greed

  • "$UDDEN DEATH"/ "HIP HOP HUSTLE" - NCAA basketball coaches are among the victims who get financially slam dunked in a $39 million scam out of Houston. And a wannabe rap star claims he's working with a famous Hollywood star to collect money to produce a movie about his 'gangsta' life. But there is no movie only hip-hop star livin'.

  • With investigators eager to confirm that Joel Salinas is running a $39 million investment fraud, he runs out of options and sets off on a final escape.

  • The $1.5 million raised to produce a movie was a scam. Instead Eric Jagclicic spent investor money on fancy cars, exotic pets, and more.