Ty Warner, the billionaire that created the popular ‘90s fad Beanie Babies, pleaded guilty on Wednesday to tax evasion charges, and apologized to the judge.
“I apologize for my conduct,” Warner told a federal judge. “This is a terrible way to meet your honor.”
Warner broke down crying in court.
He said he knew he had much to be thankful for, mentioning his successful stuffed-toys company.
He added, “There’s no excuse for my actions.”
Judge Charles Kocoras stopped Warner and told him “there will be time for you to bare your soul” at his Jan. 15 sentencing.
Warner, 69, faces up to five years in prison.
Prosecutors say Warner had a secret bank account starting in 1996 and later transferred the money in that account to another account in 2002.
The balance in 2002 was over $93 million.
Warner allegedly earned $3.1 million through investments held in the secret account. He admitted that he failed to pay around $5 million in taxes due over 11 years.
His attorney told NBC last month that Warner agreed to pay a $53 million penalty.
The Associated Press contributed to this report.
