Creator of Beanie Babies Pleads Guilty to Tax Evasion

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.