Beanie Babies Creator Agrees to Big US Tax Penalty

The U.S. creator of the once-popular Beanie Babies stuffed animals has agreed to plead guilty to tax evasion and pay more than $53 million for hiding assets in secret Swiss bank accounts.

Ty Warner, a 69-year-old billionaire from Chicago, faces up to five years in prison, in addition to the financial penalty.

In one of the largest cases involving hidden offshore assets, U.S. prosecutors allege that as sales of the small, cuddly toys soared in the mid-1990s, Warner sent profits to a secret …

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