Former Rep. Jesse L. Jackson Jr. (D-Ill.) will plead guilty to conspiring  with his wife to illegally spend $750,000 in campaign funds on personal  expenses, including a $43,000 Rolex watch, fur coats and memorabilia associated  with Michael Jackson, Martin Luther King Jr., Malcolm X and Bruce Lee, according  to information obtained by POLITICO.

The charges against him include conspiracy, making false statements, and mail  and wire fraud.

Prosecutors will recommend a prison sentence of between 46  months and 57 months for Jackson Jr., as well as a fine of $10,000 to $100,000,  and forfeiture of a yet-to-be-determined portion of the misspent $750,000 in  campaign funds.

(PHOTOS: Jesse Jackson Jr.’s career)

Jackson’s wife, former Chicago Alderman Sandi Jackson, has also pled guilty  to one count of filing false joint tax returns, according to court documents.  She faces up to three years in prison and a $100,000 fine. At different times,  Sandi Jackson served as her husband’s campaign manager and campaign treasurer.  Both Jacksons resigned from office amid the Justice Department’s investigation  into their finances. The couple has two children.

Jackson, Jr., issued a statement through his attorneys on Friday afternoon  apologizing for his actions.

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