Beanie Baby Creator Pleads Guilty to Tax-Dodging

Hid money in Swiss Bank account

H. Ty Warner, the billionaire creator of Beanie Babies plush toys, pleaded guilty to failing to pay taxes on money he hid from the U.S. in a Swiss bank account.

Warner, who was charged with a single count of tax evasion last month, entered his plea today before U.S. District Judge Charles P. Kocoras in Chicago.

"I am pleading guilty because I am guilty," Warner, 69, told the judge, leaning close to a lectern microphone as his voice choked with emotion.