Beanie Babies Creator Charged with Tax Evasion
Photo Credit: AP
Ty Warner, who made billions when demand exploded for his Beanie Babies in the 1990s, was charged Wednesday with federal tax evasion, accused of failing to report more than $3 million he earned in a secret offshore account.
Warner, 69, has agreed to plead guilty and will pay a civil penalty of $53.6 million, his lawyer, George Scandaglia, said in a statement.
“This is an unfortunate situation that Mr. Warner has been trying to resolve for several years now,” Scandaglia said. “Mr. Warner accepts full responsibility for his actions with this plea agreement.”
Warner, ranked 209th on Forbes Magazine’s list of richest Americans with an estimated worth of $2.6 billion, generally sold his Beanie Babies for less than $10. At the peak of their popularity in the 1990s, resale of some favored versions could draw several times their retail value.
Read more from this story HERE.
