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Beanie Baby Creator Faces Jail Time For Evading Taxes

Jan 3, 2014
Originally published on January 3, 2014 5:51 am
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DAVID GREENE, HOST:

And our last word in business: Beanie Babies.

Feels like we haven't talked about them since the turn of the millennium, but they're back in the news.

RENEE MONTAGNE, HOST:

For many, the soft, plush toys were supposed to be an investment. During the height of the Beanie Baby craze, people snapped up rare versions of beanies hoping to resell them later for big profits.

GREENE: But it seems like the only one who was able to cash in on the craze was the creator, Ty Warner. And now he has to pay up.

MONTAGNE: For evading taxes in more than $100 million he stashed away in secret Swiss bank accounts. He's still a billionaire, but he's paying penalties in back taxes of almost $70 million.

GREENE: And the Beanie Babies creator will be facing jail time.

That is the business news from MORNING EDITION, on NPR News. I'm David Greene.

MONTAGNE: And I'm Renee Montagne. Transcript provided by NPR, Copyright NPR.