Billionaire Ty Warner, who owns the company that makes Beanie Babies stuffed animals, also owns Ty Warner Resorts and Hotels.
Warner lives in suburban Chicago and is the sole owner of TY Inc.
The tax evasion charge alleges that Warner went to great lengths to hide from his accountants and the IRS more than $3.1 million in foreign income generated in a secret Swiss account.
Warner is cooperating with authorities and has agreed to plead guilty.
Tax evasion carries a maximum penalty of five years in prison and a $250,000 fine.
Mr. Warner never married and has no children.