QUICK LINKS: Vending Videos  | Micromarkets  |

VT Classifieds

|

Buy a Classified Ad

|

Editorial Calendars

|

Circulation Data

|

Downloads

|

Bookstore

|

Operators Date Book

Search:    

Bookmark this site




Issue Date: Vol. 53, No. 10, October 2013, Posted On: 10/4/2013


Beanie Baby Mogul Guilty Of Tax Evasion


Hank Schlesinger
swag@earthlink.net
TAGS: H. Ty Warner, Beanie Babies, Beanie Babies inventor, tax evasion, TY Inc., Beanie crazy, skill crane, vending

Ty Warner, beanie baby CHICAGO -- H. Ty Warner, the billionaire inventor of Beanie Babies, has been sentenced to jail for tax evasion and ordered to pay a considerable fine. Warner, who headed Illinois-based TY Inc., created a 1990s craze with his line of adorable stuffed toys once popular with collectors and skill crane patrons.

The plea bargain reached with prosecutors called for the plush toymaker to serve a prison term of about four years and pay a $53 million civil penalty. Warner admitted to evading an estimated $5 million in federal taxes over an 11-year period through a series of secret overseas bank accounts. According to prosecutors, he concealed as much as $107 million. A recent Forbes magazine survey estimated Warner's net worth at $2.6 billion.

"I have so much to be thankful for. There is no excuse for my actions," Warner told the judge as he reportedly broke down in tears.

"There will be time for you to bare your soul (later)," Judge Charles Kocoras replied.


Topic: Music and Games Features

Articles:
  • Revue Labs, Cinemark Team Up To Bring Videogames To Big Screen
  • Bay Tek Games Assigns Three Executives With Added Responsibilities
  • ImmersiON-VRelia PRO Blue Sky Ushers In New World Of Commercial Virtual Reality Entertainment
  • Game Exchange Of Colorado Acquires Mountain Coin's Denver Assets
  • Los Angeles Hotel Cashes In On Classic Videogame Trend In A Pop-Up Format

Copyright © 2014 Vending Times Inc. All rights reserved. 
P: (516) 442-1850 | F: (516) 442-1849 | subscriptions@vendingtimes.net
55 Maple Ave. - Ste. 304, Rockville Centre, NY 11570