Crime

Beanie Babies creator to pay $53 million for tax evasion

Ty Warner, creator of Beanie Babies toys.
Getty Images

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)

VIDEO0:5900:59
One Singaporean man's Barbie obsession

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