Beanie baby founder tax evasion: Ty Warner owes $53 million after he agreed to plead guilty to tax evasion charges, federal prosecutors said.

The beanie babies were popular in the 1990s and its founder has to fork up millions in tax evasion. Each toy has an inner "posable lining" and is stuffed with plastic pellets (or "beans") rather than conventional stuffing (see PVC and PE), giving Beanie Babies a flexible feel, though they became popular amongst children and adults for a collector's item.

The charges involve an account Warner opened in 1996 at UBS in Zurich, Switzerland, with court documents alleging he earned almost $900,000 from the account in 2002 and did not pay taxes on it, according to Forbes.

Warner's attorney Gregory Scandaglia said that Warner will plead guilty and pay a $53.5 million penalty.

"This is an unfortunate situation that Mr. Warner has been trying to resolve for several years now - including through an attempt to enroll in the IRS's Offshore Voluntary Disclosure Program in 2009," Scandaglia said in a statement. "Mr. Warner accepts full responsibility for his actions with this plea agreement."

Scandalgia went into better details of the charges.

"The charge alleges that Warner went to great lengths to hide from his accountants and the IRS more than $3.1 million in foreign income generated in a secret Swiss account," Gary Shapiro, U.S. attorney for the Northern District of Illinois, said.