US fines Beanie Babies tycoon Ty Warner for tax evasion

The billionaire creator of Beanie Babies toys Ty Warner “went to great lengths” to hide more than $3m (£1.9m) of income in a secret Swiss bank account.  http://www.bbc.co.uk/news/business-24155274
The 69-year-old Illinois tycoon’s net worth is estimated by Forbes at $2.6bn, ranking him the 209th richest American.
Mr Warner, who also has a reputation for philanthropy, set up a Swiss bank account in 1996 with the UBS financial services company.
He failed to tell his accountants or the US tax authorities about the existence of the account.
Allen Adamson, from the branding firm Landor Associates, said the toy company could be affected by the “negative buzz” of the case.
“It’s so jarring because this product feels so sweet, so innocent,” he said.
However, branding expert Laura Ries, of Ries & Ries, disagreed.
“People may not buy [a Beanie Babies toy] because it’s not as cool as it was. But I don’t think consumers care the owner didn’t pay his taxes and is in big legal trouble.”

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