Google finance says that since 1993, Mr. Ty Warner’s company Ty Inc. “produced more than 370 different Beanie Babies with colorful names such as Feder Bear (current) and Cheeks the baboon (retired).” Google finance reveals that Mr. Warner creator of the Beanie Babies, parlayed his profits into his purchase of a half-dozen luxury hotels. Mr. Warner is a billionaire, with a net worth of 2.6 billion as of September 13th.
As outlined by a press release and his criminal information, Mr. Warner was accused of utilizing Swiss bank accounts to hide undeclared revenue from the IRS. At his arraignment hearing last Wednesday, Mr. Warner pleaded guilty to tax fraud. The Chicago Tribune reported that Mr. Warner told the judge at the hearing ‘I apologize for my conduct. It’s a terrible way to meet you’.
An October 2, 2013 plea agreement reveals that Mr. Warner participated in an abusive offshore tax avoidance scheme. To read Mr. Warner’s plea agreement, click on the image below: