Ty Warner, one of the 250 wealthiest Americans as sole owner of Ty, Inc. , a company that created and profited hugely from the 1990s Beanie Baby fad, will be charged with federal tax evasion and indicates he will pay $53 million for failing to file the Foreign Bank Account Report (FBAR). See Michael Tarm, Beanie Babies creator charged with federal tax evasion, attorney says he'll pay $53M penalty, Huffington Post-Canada (Sept. 18, 2013). The charges could also result in jail time of up to five years.
Warner may well be one of the Americans whose accounts were discovered in the original UBS crack in Swiss banking secrecy. Court documents trace the evasion to secret accounts established with UBS in 1996, and his lawyer reports that he "has been trying to resolve" the situation for several years.