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.

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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.

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