On Friday, prosecutors formally charged former Rep. Jesse Jackson Jr. (D-IL) with illegally spending campaign funds, making false statements, and wire frauds. Jackson reportedly has reached a plea agreement with prosecutors that would result in less than five years of jail time.

A judge will determine the time Jackson spends in jail, which still could be five years. 

According to the indictment, Jackson spent nearly $750,000 in campaign funds on "expensive Rolex watch, memorabilia previously owned by a Michael Jackson, Malcolm X and Bruce Lee, furnishings for his home and fur coats." Jackson must forfeit the memorabilia and the mink coats and is expected to pay a fine. 

Jackson apologized to friends and family and said there was no excuse for his conduct. 

"Over the course of my life I have come to realize that none of us are immune from our share of shortcomings and human frailties," Jackson said in a statement. "Still I offer no excuses for my conduct and I fully accept my responsibility for the improper decisions and mistakes I have made."