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.

Latest Headlines

1 hour ago in Local

Two Arrested On Drug Charges

Fresh
abreau_seizure

The Maine Drug Enforcement Agency has arrested a New York man and Veazie woman at a Bangor motel following a several month investigation into the distribution of significant amounts of Oxycodone from their room.

2 hours ago in Local

Whale Of A Tale In Biddeford

Fresh
Minke-Whale1

BIDDEFORD, Maine (AP) A 7-ton minke whale that washed up along a Biddeford beach earlier this week was dissected and removed by a nonprofit group with help from local volunteers.

2 hours ago in Local

Boy, 12, Stole School Bus, Was Stopped By Passer-By

SCHOOL BUS CLOSE UP

BANGOR, Maine (AP) Police say a 12-year-old boy stole a school bus and went on a brief joy ride before being stopped by a man who followed the vehicle and took control of it.

4 hours ago in Local

Former Madison Officers File Age Discrimination Complaints

LAWSUIT

MADISON, Maine (AP) —Two former Madison police officers say they were discriminated against due to their age when the town transferred police operations to the Somerset County Sheriff's Office last year.

4 hours ago in Local

Maine’s Meaty Mollusks Likely Bring Strong Scallop Season

GENERIC RAW SCALLOPS

PORTLAND, Maine (AP) Maine's rebuilt scallop fishery is enjoying high demand for the prized meaty mollusks and the 2016 season that ended last month is likely to go down as another strong year.

Tweets

  • 16h
  • 19h
  • 19h
  • 20h
  • 23h
  • 42h
  • 45h