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Beanie Babies Creator Ty Warner to Admit Tax Evasion

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H. Ty Warner, the creator of Beanie Babies plush toys, was charged with tax evasion for failing to report $3.2 million in income on a secret Swiss bank account that held as much as $93.6 million in assets.

Warner, 69, will plead guilty in federal court in Chicago for hiding income at UBS AG, the largest Swiss bank, U.S. Attorney Gary Shapiro said today in a statement. Warner falsely reported his 2002 income as $49.1 million, omitting money he made on his UBS account. He amended his 2002 return in 2007, yet understated his tax by $885,300, according to court papers.