Former Rep. Jesse Jackson Jr. (D-Ill.) will plead guilty to federal charges stemming from the misuse of campaign funds, his lawyer told The Hill Saturday.

Jackson's wife, Sandy, will also enter a guilty plea, her lawyer has told media outlets.

The Chicago Democrat and son of civil rights leader the Rev. Jesse Jackson has been charged with using $750,000 in campaign funds to pay for a lavish lifestyle.

Purchases allegedly included a $43,000 Rolex watch and a $4,600 Michael Jackson fedora hat.

"I can so confirm," Jackson Jr.'s attorney, Brian Heberlig, said when asked about the guilty plea. The guilty plea is for the one count of wire fraud, mail fraud and making false statements listed in the court document. Jackson could be sentenced to up to five years in prison.

Jackson resigned last year after winning reelection in November. Last summer, he was hospitalized for what was later said to be bipolar disorder.

Jackson's wife is charged with filing false tax returns.

The guilty pleas cap the downfall of a onetime Democratic rising star who had been talked about as a possible Illinois senatorial or presidential candidate.