They were launched in 1993 with names like Legs the Frog, Squealer the Pig, Spot the Dog, and Flash the Dolphin.

Now the man who created Beanie Babies has pleaded guilty to a charge of tax evasion.

H. Ty Warner faces up to five years in prison.

He cried and apologized as he entered his plea today before a federal judge in Chicago.

Warner admitted he failed to pay around five-million in taxes due over 11 years.

He will be sentenced in January.