H. Ty Warner, the billionaire who created the wildly popular Beanie Babies toy brand, has pleaded guilty to hiding $25 million in Swiss bank accounts in an attempt to evade paying taxes on the income. More from NBC News:
H. Ty Warner, 69, also apologized as he stood before a federal judge in Chicago, removing his designer tortoise-shell glasses and wiping away tears as he struggled to regain his composure.
"I have so much to be thankful for," said the suburban Chicago businessman, his voice breaking as he cited his Illinois-based stuffed-toy company, TY. "There is no excuse for my actions."
The toy-maker's 18-page plea deal says guidelines call for a prison term of around four years — a calculation that makes it likely he'll serve time behind bars. It also requires he pay a $53 million civil penalty.
Image: Plush bean bag toy, via Shutterstock