The FBI charged that Jackson, 49, has been involved in trafficking in drugs and weapons and in conspiracy to commit murder for hire. One of his sons, Brandon Jamell Jackson, 28, faces similar charges.
Jackson was elected to the school board in 1994 and resigned four years later. He now has his own firm, Jackson Consultancy.
Yee, known as a supporter of gun control and crusader against violent video games, was charged Wednesday with bribery and gun trafficking. His Democratic colleagues called for his immediate resignation.
"I want Leland Yee gone," Majority Leader Darrell Steinberg said Wednesday, adding that he is stripping Yee of his committee assignments.
Yee was the third Democratic lawmaker in California to be convicted or indicted in the past three months.
Also charged was Raymond "Shrimp Boy" Chow, a Chinatown gangster who claimed to have reformed after spending time in prison. Since he was released in 2003, he has worked with at-risk young people and was described by Mayor Ed Lee as a "change agent."
But an FBI affidavit says the reality was different.
"I don't have any knowledge of the crimes that pay for my meal," Chow allegedly said in a 2012 meeting that included an undercover agent. "I'm still eating though. I'm hungry."