WEATHER »

Ty Warner Charged with Tax Evasion

Beanie Babies Billionaire Pleads Guilty, Agrees to Pay $53 Million for Not Reporting Swiss Account


Wednesday, September 18, 2013
Article Tools
Print friendly
E-mail story
Tip Us Off
iPod friendly
Comments
Share Article

Ty Warner, part-time Montecito resident and all-around Beanie Babies billionaire, was charged Wednesday in a U.S. District Court in Chicago for allegedly failing to report money he earned in a Swiss bank account. He immediately struck a deal, agreeing to plead guilty to the tax evasion, resolve his back taxes, and pay a civil penalty of $53,552,248 for failing to report the Swiss account, according to a statement released by Warner’s attorney, Gregory Scandaglia.

Ty Warner

Warner, who lives primarily in the Chicago suburb of Oak Brook, allegedly hid more than $3 million in foreign income accrued through his account with Union Bank of Switzerland (UBS), according to the United States Attorney’s Office of the Northern District of Illinois. As stated in the charging document, Warner first opened the account in 1996. Years later, in 2002, Warner allegedly moved money from that UBS account to another Swiss bank, with his account balance weighing in at more than $93 million. That same year, Warner netted the aforementioned $3 million through investments held in his UBS account. When he filed his 2002 form 1040, Warner, the government says, didn’t report the income or the account to the IRS, meaning he failed to pay more than $1.25 million in income tax. When Warner submitted an amended 2002 form in 2007, the amount in unpaid taxes was reduced to $885,300.

This is an unfortunate situation that Mr. Warner has been trying to resolve for several years now — including through an attempt to enroll in the IRS’s Offshore Voluntary Disclosure Program in 2009,” Scandaglia said. “Mr. Warner accepts full responsibility for his actions with this plea agreement.”

The maximum punishments for the charges would have been five years in prison, a $250,000 fine, and multiple civil tax penalties. According to Forbes, Warner’s net worth tops $2.6 billion.

Comments

Independent Discussion Guidelines

All of us sea creatures are sad to hear this.

dolphinpod14 (anonymous profile)
September 18, 2013 at 3:24 p.m. (Suggest removal)

-Mr. Warner has been trying to resolve for several years now — including through an attempt to enroll in the IRS’s Offshore Voluntary Disclosure Program in 2009

-When Warner submitted an amended 2002 form in 2007, the amount in unpaid taxes was reduced to $885,300.

-He immediately struck a deal, agreeing to plead guilty to the tax evasion, resolve his back taxes, and pay a civil penalty of $53,552,248 for failing to report the Swiss account

---

I hate the IRS so much, they are such criminals. Even if you are a leftist, why would you want Mr. Warner's money to go to the Military Industrial Complex or the Prison Industrial Complex as well as all of the other lobbying special interest groups who end up with most of our money?

To be honest, Mr. Warner would have probably been better off not disclosing anything. Never trust anybody in the government.

loonpt (anonymous profile)
September 18, 2013 at 4:03 p.m. (Suggest removal)

Actually he is paying 53 million for cheating the taxpayers. Loon I thought you were moving to Somalia, that Libertarian paradise that has no taxes.

Herschel_Greenspan (anonymous profile)
September 18, 2013 at 4:51 p.m. (Suggest removal)

AZ2SB (anonymous profile)
September 18, 2013 at 7:07 p.m. (Suggest removal)

AZ2SB: That You Tube link was silly and made no sense. Why are you being a silly one today?

dolphinpod14 (anonymous profile)
September 18, 2013 at 7:49 p.m. (Suggest removal)

greedy warner. Loon has some points, but far too loony toons.

spacey (anonymous profile)
September 18, 2013 at 10:33 p.m. (Suggest removal)

Shouldn't public employee unions be outlawed for cheating taxpayers as well?

Botany (anonymous profile)
September 19, 2013 at 7:32 a.m. (Suggest removal)

Didn't take my meds.

AZ2SB (anonymous profile)
September 19, 2013 at 4:31 p.m. (Suggest removal)

AZ2SB: You at least have an alibi for your insanity, but how do you explain that fact that even though I always take MY meds, my posts STILL make little sense?

dolphinpod14 (anonymous profile)
September 19, 2013 at 8:01 p.m. (Suggest removal)

Mine make a "little" sense, to someone.

AZ2SB (anonymous profile)
September 20, 2013 at 10:53 a.m. (Suggest removal)

With all that money you'd think the guy could spring for a decent haircut.

GluteousMaximus (anonymous profile)
September 20, 2013 at 11:06 a.m. (Suggest removal)

Hershel, individuals can't "cheat' tax payers out of money that they earned fair and square. It's their money.. tax PAYERS are the ones being cheated.

Those cheating tax payers out of money are the banking cartel, the oil cartel and the megacorporations and others who lobby government for subsidies and regulate their competition out of the market.

loonpt (anonymous profile)
September 20, 2013 at 11:45 a.m. (Suggest removal)

Completely agree with loon 100%. It's an Illuminati warning to Warner. Clearly the Rockefeller's Federal Reserve system doesn't like Ty, he's still just a small-time guy within their black magic empire, but harboring enough pocket change to give a little penalty donation to their ongoing New World Order agenda. He's not enough like the 1% to be part of their club. Perhaps he made a fool of himself in front of the wrong 33 degreer at the last cocktail party that he wore that haircut to. They've just been waiting to put him on their list and add his 53 mil to their own offshore accounts...like the rest of the taxpayers.

cinderella (anonymous profile)
September 20, 2013 at 3:38 p.m. (Suggest removal)

So is he the dude that owns Time Warner?

dolphinpod14 (anonymous profile)
September 21, 2013 at 5:42 a.m. (Suggest removal)

Okay, you beat me at silly comments now.

AZ2SB (anonymous profile)
September 22, 2013 at 7:30 p.m. (Suggest removal)

event calendar sponsored by: