Beanie Babies founder could be jailed for tax evasion
Posted on Saturday, January 18th, 2014 at 8:16 pm
Sixty-nine-year-old Beanie Babies creator H. Ty Warner pleaded guilty to tax evasion charges on Tuesday, January 14 in a Chicago, Illinois federal court room for evading $25 million in taxes on income that he kept in Swiss national bank accounts.
Warner is facing up to five years of imprisonment. He joins the list of high-profile targets the federal government is concentrating on in its bid to find Americans who try to hide income from the Internal Revenue Service, mostly by hiding their assets abroad, particularly in Switzerland.
Warner was reported to have a hidden offshore account in Switzerland that he started in 1996 with the financial services firm UBS, earning $3.1 million in gross income in 2002 through the account, which he failed to report to the IRS.
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