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