Ty Warner, the business man who became a billionaire after creating Beanie Babies stuffed animals, tearfully admitted that he knew he had filed inaccurate tax forms while pleading guilty to tax evasion on Wednesday morning, according to the Chicago Tribune.

The 69-year-old Warner is facing up to five year in prison and will be sentenced Jan. 15. In addition to the possible jail time Warner has agreed to pay a fine of $53 million, according to NBC News.

The stuffed toy tycoon failed to report over $24 million in income in between 1997 and 2007. In addition Warner neglected to pay $5 million in taxes nor did he disclose the existence of a secret Swiss bank account to anyone, including his accountants, the Chicago Tribune reports.

The penalty that can be handed down from the Internal Revenue Service can be up to half of the amount in an off shore account, so it is assumed that Warner's hidden account held at least $107 million at one point, according to the Chicago Tribune.

"When I signed those returns, I knew those monies were missing," Warner told a federal judge. "It was not accurate. I apologize for my conduct. It's a terrible way to meet you. I'm pleading guilty because I am guilty."

Beanie Babies became a humongous craze in the 1990s. Almost every imaginable animal was turned into a Beanie Baby at some point much to the delight of children and collectors. Some of the rarest of the toys sell on sites such as eBay for thousands of dollars, according to the Wall Street Journal.

In addition to the toys Warner has made a fortune in real estate. Warner, who has an estimated net worth of $2.6 billion, turned down an offer to sell the Four Seasons Hotel in New York City in November of 2012. The deal was for a proposed $900 million and would have been one of the highest prices paid for a hotel in New York's history, according to Forbes.