Beanie Babies creator to pay $53 million for tax evasion
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."
Warner lives suburban Chicago and is the sole owner of Ty Inc. The company designs and sells plush toy animals, including Beanie Babies.
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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