Beanie Baby Billionaire Cops To UBS Account Tax Evasion

Law360, New York (October 02, 2013, 4:43 PM ET) -- Billionaire Beanie Baby creator H. Ty Warner copped to federal tax evasion on Wednesday in Illinois federal court, admitting that he hid $3.1 million of income earned in a secret account with Swiss bank UBS AG.

Warner, the man behind the 1990s plush-toy craze, pled guilty to one count of tax evasion for dodging roughly $900,000 worth of taxes in 2002, according his plea agreement. Before he is sentenced, Warner will have to pay a $53.5 million civil penalty, which is 50 percent of the highest...
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