The 69-year-old Oak Brook resident had already announced his intention to plead guilty last month, when he was first charged with failing to report more than $3 million in income he earned in a secret offshore account.
READ: Beanie Babies Creator Ty Warner Charged With Tax Evasion
Warner's sentencing is set for January, the Tribune reports, and he faces a maximum sentence of five years in prison. He has already agreed to pay a $53.5 million civil penalty.
Warner is the sole owner of Westmont-based TY, Inc., the company behind the Beanie Babies phenomenon.
The Tribune reports Warner "apologized in a choked-up voice" when he admitted to U.S. District Judge Charles Kocoras that he knew his tax forms were inaccurate.
Read the full Chicago Tribune story here.
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