Former US Representative Jesse Jackson Jr. and his wife Sandra are facing prison time for one federal charge linked to years of spending campaign funds for personal expenses. Jesse plead guilty to spending funds on "Michael Jackson memorabilia and a Rolex watch' on Wednesday.

When U.S. District Judge Robert Wilkins asked Jackson if he knew the guilty plea would forfeit the right to a trial, he responded "I have no interest in wasting the taxpayers' time or money." If found guilty, his charge carries a maximum of five years in prison and a $250,000 fine, which will be decided on June 28.

During a separate hearing on Wednesday, former Chicago Alderman Sandra Stevens Jackson plead guilty to filing false tax returns in connection with the misuse of her husband's campaign funds. If guilty Sandra could receive up to three years in prison, along with a $250,000 fine, which will be decided on July 1.

Some of the more outrageous charges made by the couple included $4,272.78 on the Navigator of the Seas cruise, over $10,000 at Best Buy, personal and nightclub expenses for $60,000 and personal dry cleaning bills for $14,000.