Real Housewives of New Jersey star Teresa Giudice and Husband Plead Guilty to Fraud Charges, Face Jail Time

Real Housewives of New Jersey stars Teresa and Giuseppe “Joe” Giudice may face prison time after pleading guilty to federal fraud charges, hiding income and lying during a bankruptcy hearing. The Courier-Post reports:

Both pleaded guilty to conspiracy to commit mail and wire fraud and three types of bankruptcy fraud. Joe Giudice also pleaded guilty to failing to file a tax return for 2004, though he acknowledged he didn’t file taxes on income of approximately $1 million between 2004 and 2008. …

The couple was charged last year with exaggerating their income while applying for loans before their show debuted in 2009, then hiding their fortunes in a bankruptcy filing after their first season aired. The couple filed for bankruptcy in 2009 and claimed they owed $11 million, including $2.2 million in mortgages, $13,000 to Neiman Marcus and Nordstrom and nearly $12,000 to a fertility clinic, according to court documents.

On Tuesday, they admitted submitting fraudulent mortgage and loan applications and fabricating tax returns and W-2 forms.

In a statement read by Teresa’s lawyer, the reality star and entrepreneur says she owns up to “a series of mistakes I made several years ago … I will describe the choices I made, continue to take responsibility for my decisions and express my remorse to Judge Salas and the public. I am heartbroken that this is affecting my family — especially my four young daughters, who mean more to me than anything in the world.”

Joe could get 37 to 66 months, and Teresa is looking at a possible 21 to 27 months, though their lawyer says they will seek probation. More on the story here.