Ty Warner made billions of dollars off of Beanie Babies in the 90’s and early 2000’s, but he neglected to pay proper taxes for the money that he earned. This week he pleaded guilty in court to tax evasion, as the federal government found millions of dollars hidden away in a Swiss bank account. In fact, over $107 million was available in the account at one time.
Unfortunately this is going to cost him a lot more money than it would have if he would have just paid the $5.6 million that would have been due in taxes. The civil penalties for this activity adds up to $53.5 million, which is over 10 times what he would have had to pay legally for his taxes. He stated that nobody knew about these accounts, including his accountants, so the blame is only to fall on his shoulders. He could also face up to five years in prison for these charges.
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