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Jesse Jackson Jr. pleads guilty

Former Rep. Jesse Jackson Jr, D-Ill., officially pleaded guilty to misusing about $750,000 in  campaign funds on Wednesday, as part of a plea agreement with prosecutors that could result in up to five years in prison time.

"Guilty, your honor. I misled the American people," Jackson said, Reuters reports.

Jackson was charged with using his campaign funds to redecorate his home in Washington, and to buy, among other things, a Rolex.

Though he won reelection in November, Jackson resigned his seat later that month. There is currently a special election underway to replace him.

Judge Robert Wilkins set Jackson's sentencing hearing for June 28.

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