Beanie Babies inventor nabbed for tax evasion hiding 93 million in secret Swiss account

Ty Warner, the inventor and creator of Beanie Babies which was all the rave in the 1990’s has plead guilty to tax evasion for hiding over $93 million in a secret Swiss bank account.

The accounts were held in UBS the Swiss banking giant and later with Switzerland’s Zurcher Katonalbank.

As penalties, he will pay $53.5 million for failing to report the account.

Warner was one of the many taxpayers who was outed as a result of the 2009 prosecution agreement between UBS and the U.S. government. UBS admitted helping wealthy Americans hide their money from the IRS and paid a $780 million fine and agreed to turn over names of some American customers. A whistleblower revealed the fraud and collected as a reward $104 million, the highest whistleblower award from the IRS.

More high profile prosecutions and agreements are expected to be released shortly.