Warner, 69, admitted to hiding millions of dollars in overseas accounts and the case was one of the biggest to come from the government's new ability to get Swiss bankers to talk about clients. On the day he pled guilty, he said apologized.
"There's no excuse for these actions. I am pleading guilty because I am guilty," Warner said.
In the court document filed on December 31, 2013, Warner said his debts- $65 million in restitution - would be repaid, and he should, therefore, get a lighter sentence. The document also stated that Warner "emerged from an unhappy family and youth devoid of educational advantages."
The self-made billionaire is No. 209 on Forbes' list of the richest Americans. His current worth is estimated at about $2.6 billion.
Beanie Babies is based in Westmont, Ill.
He will be sentenced on January 14, 2014.