09/18/2013 // West Palm Beach , Florida, US // JusticeNewsFlash // Justice News Flash // (press release)
Chicago – Beanie Babies creator Ty Warner has agreed to pay a $53 million penalty in a tax evasion case. As reported by the Chicago Tribune, the billionaire entrepreneur was charged with tax evasion for purportedly failing to report income from a secret offshore bank account. He will also plead guilty in accordance with an agreement.
Gary Shapiro, U.S. attorney for the Northern District of Illinois, is quoted as saying in a statement of the charges, “The charge alleges that 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’s attorney, Gregory Scandaglia, is quoted in the report as stating, “This is an unfortunate situation that Mr. Warner has been trying to resolve for several years now, including through an attempt to enroll in the IRS’s Offshore Voluntary Disclosure Program in 2009… Mr. Warner accepts full responsibility for his actions with this plea agreement.”
Warner, 69, has an estimated net worth of $2.6 billion.
This report is provided by Justice News Flash – Chicago News
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