9/18/13 Beanie Babies Creator To Plead Guilty To Tax Evasion
The man behind Beanie Babies, the toy animals that saw their heyday in the mid-90s, has agreed to plead guilty to tax evasion for failing to report income held in Swiss bank accounts.
H. Ty Warner, 69, has been charged in U.S. District Court with felony tax evasion. The indictment alleges that in 1996, Warner traveled to Zurich to open an account with Union Bank of Switzerland (UBS) with the intent to "evade and defeat" taxes on $3.1 million in foreign income.
It details accusations that Warner shuffled the money between banks and failed to report or otherwise misreported his income.
"Regardless of wealth, everyone must pay taxes on all of their income, not just the amount they choose to report," said Gary S. Shapiro, United States Attorney for the Northern District of Illinois. "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 a secret Swiss account. Such conduct invites federal prosecution."
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http://www.npr.org/blogs/thetwo-way/2013/09/18/223740621/beanie-babies-creator-to-plead-guilty-to-tax-evasion
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