Ty Warner, owner of Westmont-based Ty Inc., pleads guilty, faces civil penalty and possible jail time
DOWNERS GROVE – Ty Warner, the creator of Beanie Babies and sole owner of Westmont-based Ty Inc., pleaded guilty to tax evasion for hiding income he earned in a secret offshore account with Swiss Bank UBS on Wednesday.
His official guilty plea comes about two weeks after his attorney said the billionaire planned to plead guilty and pay a $53.5 million civil penalty.
Civil penalties can be levied up to 50 percent of the amount in the account. Court proceedings revealed that Warner's Swiss accounts had up to $107 million, at one time, according to media reports.
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