Creator of “Beanie Babies” pleads guilty to tax evasion

The man who created the super-successful “Beanie Babies” collectibles pleaded guilty to tax evasion at the Dirksen Federal Building on Wednesday.


Ty Warner (Business Wire photo / September 11, 2011)

“I am pleading guilty because I am guilty,” said Ty Warner.

Warner, of Oak Brook, opened a secret bank account in Switzerland in 1996. From 1999 to 2007, he failed to pay more than five million dollars in taxes owed on $25 million of income he earned on that account.

Warner has agreed to pay more than $53 million in penalties.

He will be sentenced on January 15th. He faces a maximum of five years in prison.

WGN News Writer C. Hayes published this story.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s