Former congressman Jesse Jackson Jr. has been charged with conspiracy to commit wire fraud and mail fraud, as well as making false statements, according to The Week Magazine. Mr. Jackson allegedly used $750,000 in campaign funds to buy a Rolex watch, fur capes and parkas, and children's furniture between 2007 and 2009. He also apparently purchased Bruce Lee and Martin Luther King memorabilia, and a $4,600 Michael Jackson fedora, amongst other things. The Democrat from Chicago faces five years in prison and could be slapped with a fine of up to $250,000. 

His wife, Sandi Jackson, has also been charged with filing false tax returns. She and her husband are said to plead guilty to the federal charges.

[via The Week Magazine]