02/28/2012 02:27 pm ET Updated Dec 06, 2017

William Beavers Arraignment Rescheduled For Friday Afternoon

The arraignment of Cook County Commissioner William Beavers, who stands accused of tax fraud, has been rescheduled for 3 p.m. Friday.

Beavers, 77, will be arraigned before U.S. District Judge James Zagel, who, incidentally, presided over former Illinois Governor Rod Blagojevich's corruption trial, the Chicago Sun-Times reports. The high-profile attorneys Beavers has hired to represent him, Sam Adam Sr. and Sam Adam Jr., represented Blagojevich during his first trial before Zagel.

Beavers, a long-time proponent of Chicago's Democrat-dominated "machine-style" politics, was indicted this month on allegations of tax fraud. According to U.S. Attorney Patrick Fitzgerald, Beavers allegedly withdrew thousands of dollars of income from his campaign funds for personal use including gambling and boosting his city pension -- but did not honestly report that income.

Between 2006 and 2008, he allegedly withdrew $225,000 for such purposes.

Beavers responded to the allegations by claiming that he was indicted because he wouldn't "wear a wire" on commissioner colleague and the former mayor's brother John Daley and "wouldn't become a stool pigeon." He said last week that he did not "give a f**k" about Fitzgerald, adding "F**k him."

Beavers further contends that he "paid all my taxes. [Screw] them," the Chicago News Cooperative reported.

Meanwhile, Commissioner Daley denied that he is being investigated and told ABC Chicago that "this is about Bill Beavers. He was indicted today and that's the story you should have about Bill Beavers, not John Daley."

If convicted, Beavers faces a sentence of up to three years in prison plus a $250,000 fine -- plus restitution -- for each of the four charges he faces -- three separate counts of filing inaccurate federal income tax returns and one count of obstructing and impeding the Internal Revenue Service.

Also, Crain's Chicago Business reported last week that the Chicago-based New City Bank, of which Beavers is vice chairman and an investor, is on the brink of failure.

Beavers was elected as a county commissioner in 2006 and served as the 7th Ward alderman on Chicago's City Council from 1983 to 2006. He also worked as a Chicago police officer for over two decades.

WATCH Beavers speak about the allegations with NBC Chicago -- through his apartment intercom -- and scroll down to view a slideshow of local politicians who have been charged with corruption over the years:

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Corruption In Chicago, Convicted Elected Officials & Public Figures