Sources said on Saturday that Jesse Jackson Jr. as well as his wife Sandi would plead guilty to charges filed against them that allege the former Congressman misused campaign funds in the amount of $750,000 and his wife allegedly understated the couple’s income on six years of tax returns.

Jackson Jr., a Democrat from Chicago, who is 47, was charged on Friday with conspiracy to commit mail fraud, wire fraud and to false statements. If found guilty of the charges he could face as much as five years behind bars, a fine as large as $250,000 along with other unnamed penalties.

Jackson’s wife was charged with filing false income tax returns. She could face three year behind bars, a fine as high as $250,000 and other unnamed penalties.

The former Congressman from Chicago is accused of using over $750,000 of his campaign funds for his personal use. Authorities allege that the Chicago Democrat used his campaign funds to buy a Rolex watch for $43,350, fur parkas and capes worth $5,150 and children’s furniture worth $9,588. Those purchases took place from 2007 to 2009, according to criminal information.

Allegedly, Jackson also spent $10,105 for memorabilia of Bruce Lee, Martin Luther King memorabilia worth $11,130 and Michael Jackson items worth over $22,700.

Government authorities also accused Jackson Jr. of making false statements because he made no report of nearly $28,500 in gifts and loans he received.

Jackson Jr.’s lawyer Brian Heberlig announced that the former Congressman had accepted complete responsibility and that his intentions are to plead guilty to those charges brought against him.

Sandi Jackson is alleged to have filed incorrect tax returns jointly with her husband and has come to an agreement with authorities to plead guilty said her lawyer.