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Beanie Baby creator admits to Swiss account

AFP/The Local
AFP/The Local - [email protected] • 18 Sep, 2013 Updated Wed 18 Sep 2013 18:31 CEST
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The creator of the popular Beanie Baby plush toys became the latest American to face tax evasion charges Wednesday since Switzerland's largest bank UBS began cooperating with US prosecutors.

Ty Warner intends to plead guilty to charges that he hid more than $3 million in foreign income in a secret Swiss bank account, prosecutors said in press release.

Warner, 69, is the sole owner of TY Inc., based in Westmont, Illinois, which makes the Beanie Baby line of toys, as well as other stuffed animals.

Prosecutors said he failed to report $3.1 million of investment income from a secret offshore account with UBS in 2002, when he reported $49.1 million in income.
   
UBS entered into a deferred prosecution agreement in 2009 in which it admitted that it helped US taxpayers hide their accounts and agreed to provide the US government with the account information of US customers.
   
Warner faces up to five years in prison and a criminal fine of up to $250,000, in addition to tax penalties, after being charged in Chicago's federal court.

Forbes magazine estimated Warner's net worth at $2.6 billion, making him the 209th wealthiest American citizen.

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