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Beanie Babies Creator

Billionaire Charged with Tax Evasion

$53 Million Punishment

9/18/2013 11:55 AM PDT BY TMZ STAFF
breaking news

0918-ty-warner-beanie-babies-gettyBillionaire "Beanie Babies" creator Ty Warner better hope he didn't take the tags off any of his stuffed toys -- Nana the Monkey, anyone? -- because he just got slammed with a $53.5 million penalty for tax evasion.

Warner -- worth a reported $2.3 billion -- was charged with federal tax evasion Wednesday morning after allegedly failing to report more than $3 mil in income he earned in an offshore Swiss bank account back in 2002.

The toy tycoon agreed to plead guilty to the charge and pay the penalty ASAP, presumably in the hopes the judge will take mercy on him. FYI, the maximum sentence for federal tax evasion is 5 years in prison.

Warner's lawyer said the billionaire accepts full responsibility for his actions, calling the debacle "an unfortunate situation that Mr. Warner has been trying to resolve for several years now."

Disclaimer: TMZ does not endorse investing in Beanie Babies for any reason whatsoever. Spend all your money on Pogs instead.

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55 COMMENTS

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1.

Nick    

You should do an item on that soap star, he played Rick Webber on GH. The poor fool lost a fortune investing in these now WORTHLESS "collectibles."

409 days ago
2.

Majestik    

I was smart, I collected the beanies for fun long after they cost of fortune. Love the fact I didn't blow upwards in the thousands and thousands for them. Reminds me of the Big Cabbage Patch craze, where are they now?

409 days ago
3.

PhilipMarkum    

Figures. The wealthy are immune to prosecution, but regular Mofos like Wesley Snipes and Lauren Hill and L'il Kim all end up in the clink. Know I'll get "Hated" for this but I feel sorry for the people who put this administration in office (cough cough) and were repaid with IRS raids and prison time. Props to the average man.

409 days ago
4.

Cool Papa    

Not to be a wet blanket, but I live in the same hometown as Ty and he is a hero around here for his philanthropy. Ty Warner Park is easily the best place to take your kids in our area. They have fireworks several times a year, and he sponsors just about everything he can in town. I've never met him, but everyone says he's a great guy. Tax problems happen. No big deal.

409 days ago
5.

Dan    

Ummmm.......he failed to disclose $3 million dollars in income and that translates to owing $53.5 million dollars in penalties??? Well, that does sound like Obama's America I guess.

409 days ago
6.

notalawyer    

More FAMOUS than any Kardashian...

409 days ago
7.

NOT ELMO    

he just got slammed with a $53.5 million penalty for tax evasion....Warner -- worth a reported $2.3 billion..............FOR HIM PAYING THAT $53.5M IS THE EQUIVALENT OF SOMEBODY THAT HAS $23K AND PAYING A PENALTY OF JUST $53 DOLLARS IN OTHER WORDS NOTHING.

409 days ago
8.

demoncat    

given his fortune odds are he proably already paid the fine and is back home. and wondering if beanie babies will soon regain popularity again. for it worked for the cabbage patch kids.

409 days ago
9.

TheTruthIs    

Ty Warner, by all accounts, is a very warm and giving human being. Best wishes to him.

409 days ago
10.

Brian    

This is dumb. Of course he'd pay that tiny fine to stay out of prison. It's a lot of money but he has billions. Shouldn't they make the fine match what he has so maybe it should be $500 million. He could still afford that but it would actually hurt him.

409 days ago
11.

Kelly    

Inexplicably redesigning your logo is not going to help you, TMZ! In fact, it's a stupid idea now that you'll have to re-brand the brand-new TMZ sports imprint. WHY DON'T YOU FOCUS ON THE WRITING? Who the F is running this ship?!

409 days ago
12.

Joao    

Billionaire Charged with Tax Evasion Dodges Prison.
Welcome to the United States of America, where the rich get richer and the poor get prison.

409 days ago
13.

Gretel    

I work with a woman whose aunt invested tons of money in those things like they were the investment be all and end all. Apparently everyone tried to tell her they would be worthless but she thought they'd be a gold mine. Now all she can get for them is a charitable contribution receipt for donating them to Goodwill and that wouldn't even be worth much.

409 days ago
14.

manbearpig    

he says he has been trying to resolve the situation for several years now?
bullspit- he has been trying to dodge it for several years. he could have paid off the debt long ago but thought he could win somehow. of course though he won't go to jail- how many billionaires ever end up there?

409 days ago
15.

FatJoe    

That is BS. Others were charged with less and had to do time.

409 days ago
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