Businessman Ty Warner, a college dropout who became a billionaire after creating Beanie Babies collectibles, pleaded guilty Wednesday to tax evasion and apologized in a choked-up voice for hiding millions of dollars in a Swiss bank account.

His lawyer said Warner will pay $53.5 million in civil penalties for not disclosing the existence of a foreign bank account.

Warner ranks 209th in a recent Forbes list of the richest Americans. His net worth is estimated at $2.6 billion.

— Staff and wire reports