Reports surfaced Thursday that Jesse Jackson Jr., who resigned from Congress last year over an investigation into campaign fund misuse, was negotiating a plea deal that would include significant jail time. NBC Chicago is now confirming the deal is signed.

From NBC Chicago:

Under the terms of the deal Jackson signed, he pleads guilty and his fate – as to jail time – would be in the hands of a federal judge, not yet assigned. He would repay the government hundreds of thousands of dollars – for items like the $40,000 Rolex watch, travel expenses for a woman he described as a “social acquaintance” and furniture purchased for his home. Converting campaign contributions for personal use is strictly prohibited by federal law. It opens Jackson up to “not more than 5 years” in prison.

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