The creator of the popular Beanie Baby plush toys became the latest American to face tax evasion charges Wednesday after Swiss bank UBS began cooperating with US prosecutors.
H. Ty Warner — the owner of Ty Inc — intends to plead guilty to charges that he hid more than $3 million in foreign income in a secret Swiss bank account, prosecutors said in press release.
The Union Bank of Switzerland (UBS) entered into a deferred prosecution agreement in 2009 in which it admitted that it helped US taxpayers hide their accounts and agreed to provide the US government with the account information of US customers.
Warner faces up to five years in prison and a criminal fine of up to $250,000 in addition to tax penalties.
Beanie Baby creator caught in offshore banking sting
