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Congressmen who file false financial disclosure forms face severe penalties, including potential prison time, substantial fines, and the loss of their seats through expulsion.

Under the Ethics in Government Act, knowingly and willfully falsifying
or failing to file reports can lead to civil penalties.

Falsifying official financial reports can lead to charges of making
false statements, which can result in imprisonment for up to 5 years.

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Expulsion/Resignation: High-profile cases, such as former Rep. George Santos, demonstrate that falsifying documents can lead to federal indictment, including charges of wire fraud, money laundering, and theft of public funds.

Tax-Related Penalties: If false filings are linked to taxes, members may face charges for aiding in the preparation of false tax returns, which carry prison sentences, such as the 3-year term faced by former Rep. Michael Grimm. FBI (.gov)

Cong George Santos: Charged with, among other things, providing materially false information on financial disclosure forms, which was central to a criminal case that led to his expulsion and a potential sentence of over seven years.

Cong Michael Grimm: Pleaded guilty to aiding and assisting the preparation of a false tax return, resulting in a prison sentence, and subsequently resigned.
FBI (.gov)

The Attorney General may pursue civil or criminal penalties based on referrals from the House Ethics Committee or other authorities. While some errors are corrected with amended reports, “knowing and willful” false reporting triggers the severe penalties described. (House.gov)