Beanie Babies inventor Ty Warner, with a net worth of $2.6 billion, is pleading guilty to federal tax evasion charges.

Warner was charged on Wednesday, Sept. 18, for failing to report income earned in a secret offshore account, which he started with Swiss bank UBS Switzerland in 1996, according to the report. He then moved it to another Swiss bank, Zürcher Kantonalbank, in 2002, under the name Molani Foundation.

Beanie Babies Creator Charged with Tax Evasion (Thanks, Bob!)