Tag Archive for Ty Warner

Ty Warner, Beanie Babies Creator, Convicted For Not Disclosing Foreign Bank Accounts

It’s been about 20 years since the U.S. suddenly fell in love with the adorable 5-inch Beanie Baby dolls created by Ty Warner. But in October 2013 billionaire Ty Warner broke down crying in U.S. District Court as he pleaded guilty to one count of tax evasion for hiding $25 million in income in secret Swiss bank accounts.

The Rise And Fall Of Beanie Babies

Ty Warner wasn’t afraid to take risks. Beanie Babies first appeared in 1993, triggering a craze for the plush toys fashioned into bears and other animals. He ignored the naysayers after Beanie Babies flopped during their initial debut, and pressed forward with a product he believed in more than anyone else. One reason why the toys easily supplanted other fads such as Ninja Turtles and Cabbage Patch dolls was partly because of Mr. Warner’s Read More

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Beanie Baby Billionaire Requests Leniency

“Beanie Baby Billionaire Requests Leniency after Tax Evasion Conviction: H. Ty Warner, the billionaire creator of Beanie Baby plush toys and owner of Ty Warner Hotel & Resorts, whose operations include the Four Seasons Hotel in New York, New York, asked a judge to give him probation, rather than prison, for evading more than $5.5 million in taxes on secret Swiss accounts that held as much as $107 million. (He pled guilty on October 2, 2013, and agreed to pay a civil penalty of approximately $53.6 million.) Warner is to be sentenced in Chicago on January 14, 2014, and faces up to five years in prison under nonbinding guidelines. The Beanie Baby creator and hotelier requests probation with community service, rather than a prison sentence. U.S. v. H. Ty Warner, N.D. Ill., No. 13 CR 00731.”

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Written by | Posted in Tax Fraud/Evasion/Crimes