Ty Warner, the founder of the famous Beanie Baby empire and Chicago billionaire worth some $2.6 billion, has to pay a $53.5 million penalty for evading federal taxes on his wealthy, according to the Huffington Poston Wednesday.
Warner, 69, allegedly did not report his income which he placed in a secret offshore account that he initiated with a bank in Switzerland named UBS in 1996. Prosecutors claim that Warner earned $3.1 million in gross income via his investments in 2002 which were held in USB in Switzerland.
The United States attorney for the Northern District of Illinois released a statement which states that the charge alleges that Warner went to great lengths to hide from his accountants and the IRS more than $3.1 million in foreign income generated in his secret Swiss bank account.
As persons will remember, Warner made his great wealth by having manufactured small, plush toys via his Ty, Inc. – most famously and profitable, the Beanie Baby assortment of toys.
According to Warner’s attorney, Warner accepts full responsibility for his actions with a plea agreement.
For the record, on Forbes Magazine’s list of richest Americans, Warner is number 209 – the 209th wealthiest American on the planet.