Ty Warner, the owner and founder of Ty Inc, and creator of Beanie Babies, is set to plead guilty to tax evasion after hiding millions of dollars in secret Swiss bank accounts, the Justice Department announced on Wednesday, as reported by CNNMoney. The 69-year-old reportedly hid over $93 million in the Swiss bank UBS, and later with Switzerland's Zürcher Kantonalbank.

Warner maintained a secret offshore account with UBS beginning in 1996. All total, He is accused of failing to pay $885,300 in taxes from 2002, CNNMoney also reported.

Warner, who is ranked by Forbes as the 209th richest American with an estimated worth of $2.6 billion, has agreed to plead guilty and pay a civil penalty of $53.6 million, his lawyer George Scandaglia said.

"This is an unfortunate situtaiton that Mr. Warner has been trying to resolve for several year now. Mr. Warner accepts full responsibility for actions with this plea agreement," Scandaglia said.

In the U.S., tax evasion carries a maximum penalty of five years in prison, and a $250,000 fine.

"Regardless of wealth, everyone must pay taxes on all of their income, not just the amount they choose to report," Gary Shapio, an attorney for the Northern District of Illinois said.

Warner made billions with Beanie Babies, which generally sold for less than $10, particularly popular in the 1990s.