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Beanie Babies Creator Ty Warner Pleads Guilty to Tax Evasion

The sole owner of TY, Inc., was emotional during a hearing in federal court Wednesday morning, the Chicago Tribune reports.

Beanie Babies Creator Ty Warner Pleads Guilty to Tax Evasion
Beanie Babies creator Ty Warner pleaded guilty to tax evasion in federal court Wednesday morning, according to the Chicago Tribune.

The 69-year-old Oak Brook resident had already announced his intention to plead guilty last month, when he was first charged with failing to report more than $3 million in income he earned in a secret offshore account.

READ: Beanie Babies Creator Ty Warner Charged With Tax Evasion

Warner's sentencing is set for January, the Tribune reports, and he faces a maximum sentence of five years in prison. He has already agreed to pay a $53.5 million civil penalty.

Warner is the sole owner of Westmont-based TY, Inc., the company behind the Beanie Babies phenomenon.

The Tribune reports Warner "apologized in a choked-up voice" when he admitted to U.S. District Judge Charles Kocoras that he knew his tax forms were inaccurate.

Read the full Chicago Tribune story here.

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