He is the CEO, sole owner, and co-founder of Ty Inc. which manufactures and distributes stuffed toys, notably Beanie Babies.
At age 14, Warner attended Lyons Township High School (north campus) in La Grange, Illinois before transferring to St. John's Military Academy in Delafield, Wisconsin, from which he graduated in 1962.
[4] In 1980, he was fired by Dakin, reportedly for selling his own products to established customers in competition with the company's line.
In 1986, he mortgaged his home and invested his life savings and a bequest from his father into founding Ty Inc.[2] Warner started out selling stuffed toy cats (inspired by some plush he had seen in Italy).
A secondary market developed when collectors began reselling the toys at greatly inflated prices, and various books, magazines, and accessories like carrying cases devoted to Beanie Babies appeared.
At the peak of the Beanie craze circa 1999, the privately owned Ty Inc. is believed to have earned over $700 million in profits in a year.
The Beanie Babies phenomenon, coupled with the rise of the Internet, is cited as elevating Warner to billionaire status[6] with a net worth of over $2.5 billion.
His lawyers, including former IRS Deputy Commissioner Mark M. Matthews who is now a Member of Caplin & Drysdale, successfully used the "Olenicoff Defense" to convince the judge that Warner did not deserve the year-and-one-day prison sentence recommended by prosecutors.
On January 14, 2014, District Court Judge Charles P. Kocoras sentenced Warner to two years' probation and 500 hours of community service.
The judge rejected the prosecution's recommendation for jail time of one year and one day, to serve as a deterrent to other tax cheats.
Olenicoff, who also got two years' probation and community service, pleaded guilty to filing a false tax return—a felony.
[21][23] Two of Warner's long-term girlfriends (Patricia Roche and Faith McGowan) were closely involved in the operations of Ty, Inc. during the development and success of Beanie Babies.
[25] Warner maintains a low public profile, rarely granting media interviews or releasing personal or company information.