BRAD MERRIMAN – JOURNALIST – TACD NEWS – On Wednesday, Beanie Baby founder Ty Warner was charged with tax evasion. Apparently the creator of the iconic stuffed toys has been keeping money stashed in secret off shore accounts and may owe as much as 53 million dollars in penalties.
Gary S. Shapiro, United States Attorney for the Northern District of Illinois stated, “Regardless of wealth, everyone must pay taxes on all of their income, not just the amount they choose to report. Warner went to great lengths to hide from his accountants and the IRS more than $3.1 million in foreign income generated in a secret Swiss account.”
Warner is the second American in Chicago arrested as a result of the recent IRS investigation into offshore accounts being held by the Union Bank of Switzerland. Prosecutors allege that Warner opened his account in 1996, shuttling money to a second Swiss bank in 2006 to the tune of 93 Million dollars.