CHICAGO — The billionaire who created Beanie Babies has pleaded guilty to a tax evasion charge that could send him to prison for years.
H. Ty Warner broke down crying in court and apologized as he entered his plea today. Then, he removed his designer tortoise-shell glasses and sought to regain his composure before a federal judge in Chicago.
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.
The 69-year-old admitted he failed to pay around $5 million in taxes due over 11 years. Tax evasion carries a maximum five-year prison term.
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.