WASHINGTON – In a spectacular fall from political prominence, former U.S. Rep. Jesse Jackson Jr. and his wife agreed Friday to plead guilty to federal charges growing out of what prosecutors said was a scheme to use $750,000 in campaign funds for lavish personal expenses, including a $43,000 gold watch and furs.

Federal prosecutors filed one charge of conspiracy against the former Chicago congressman and charged his ex-alderman wife, Sandra, with one count of filing false joint federal income tax returns for the years 2006 through 2011 that knowingly understated the income the couple received. Both agreed to plead guilty in plea deals with federal prosecutors.

The son of a famed civil rights leader, Jackson, a Democrat, entered Congress in 1995 and resigned last November. Sandi, as she’s known, was a Chicago alderman, but resigned last month amid the federal investigation.