A federal grand jury has handed down a 7-count indictment of Alaska Sen. Ted Stevens. The six-term Republican's Girdwood, Alaska home was raided by the FBI in July 2007 and some of his close associates have pleaded guilty to corruption charges.

From Reuters:

WASHINGTON (Reuters) - Sen. Ted Stevens from Alaska, the longest serving U.S. Republican senator ever, was indicted on seven counts related to his holding of public office, a federal law enforcement official said on Tuesday.

The U.S. Justice Department has scheduled a news conference for 1:20 p.m. to make an announcement "regarding a significant criminal matter." The official said the news conference would announce the criminal charges against Stevens that have been returned by a federal grand jury in Washington, D.C.

The senator is up for re-election this year, and Democrats view his seat as a prime pick-up opportunity. If Stevens survives the August 26 primary, he will likely face Anchorage Mayor Mark Begich, who has led in several recent polls.

UPDATE:

In a press conference, acting Assistant Attorney General Matthew Friedrich said that according to the indictment, Stevens is being charged with seven felony counts of making false statements on his Senate financial disclosure forms. The indictment alleges that Stevens did not, as he is required to do, report gifts he received from Veco Corp., which included $250,000 worth of materials and labor related to the renovation of his home in Girdwood.

Friedrich said that there have already been seven convictions related to the broad corruption probe that first became public in August 2006. Those already convicted include former Alaska state legislators, lobbyists and Veco executives.