Home Health Parents News Now Creator of Beanie Babies Pleads Guilty to Tax Evasion Creator of Beanie Babies Pleads Guilty to Tax Evasion By Holly Lebowitz Rossi October 03, 2013 Advertisement Save Pin FB More Tweet Email Send Text Message Print shutterstock_854182 30559 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 By Holly Lebowitz Rossi Save Pin FB More Tweet Email Send Text Message Print Comments Add a Comment Be the first to comment! No comments yet. Advertisement Close this dialog window Add a comment Creator of Beanie Babies Pleads Guilty to Tax Evasion Add your comment... Cancel Submit Success! Thanks for adding your feedback.