NATION -- October 2, 2013 at 12:42 PM ET
Beanie Babies billionaire creator weeps over his tax-evading behavior
Remember Beanie Babies? The collectible little stuffed toys that caused as much of a retail frenzy in the 90s that Cabbage Patch dolls did in the 80s? Well their billionaire creator just pleaded guilty to a tax evasion charge that could land him in prison for up to five years.
H. Ty Warner appeared in court Wednesday where he broke down crying as he apologized for his conduct. Then, according to this detail reported by the Associated Press, he removed his designer tortoise-shell glasses and sought to regain his composure before a federal judge in Chicago.
The 69-year-old admitted he failed to pay around $5 million in taxes due over 11 years, the AP reported.
Forbes recently estimated Warner's net worth at $2.6 billion.