Ty Warner pays $53M over secret account
September 20 , 2013
Ty Warner did become the 209th richest man in the U.S. by creating Beanie Babies but he is now expected to pay $53.5M out of his net worth of $2.6B and plead guilty to tax-evasion charges.
Warner had open a quiet UBS account in Switzerland in 1996 and a US attorney said "Warner went to great lengths to hide from his accountants and the IRS more than $3.1M in foreign income generated in a secret Swiss account" in 2002.
Reports suggest that the billionaire asked to not receive any correspondence from the bank about his account. He also didn't report the UBS income when he should have paid $885,300 in income taxes in 2002.
Warner is scheduled to enter his plea on Oct. 2 and could be sentenced to as many as five years in prison.