Ty Warner Admits Guilt in Tax Evasion Case
Montecito property owner and Beanie Babies founder had money overseas
Montecito property owner and billionaire Ty Warner, who created Beanie Babies,has pleaded guilty to a tax evasion charge that could send him to prison for years.
Warner broke down crying in court and apologized as he entered his plea on Wednesday. He appeared 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 ordered Warner back to court for sentencing on Jan. 15, 2014.
The 69-year-old admitted he failed to pay taxes after hiding an estimated $25 million in an overseas Swiss account.
Tax evasion carries a maximum five-year prison term. Warner will also have to pay penalties of $53 million.
Warner owns a Montecito mansion, the Four Seasons Biltmore Hotel, the San Ysidro Ranch and the Montecito Country Club.
He is one of the wealthiest businessmen in America with estimated fortune of $2.6 billion.
Copyright © 2013 KEYT - NPG of California, LLC. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.