"Real Housewives" stars Teresa Giudice and her husband Joe have been charged with bank fraud and tax evasion, which could result in more than 50 years in prison.
According to TMZ, an announcement of the 39-count indictment was just made by U.S. Attorney Paul J. Fishman, claiming Teresa and her husband hugely defrauded the IRS as well as several banks between 2001-2008.
The Giudices conspired to illegally obtain mortgages and other loans from multiple banks by intentionally overestimating their incomes in order to get more money, according to the U.S. Attorney.
The couple has allegedly withheld vital information about their net worth from a U.S. bankruptcy trustee after filing for Chapter 7 in 2009. The information withheld included Teresa's true income from "Real Housewives."
Her hubby Joe is also accused of failing to file income tax returns from 2004-2008, during which he made an estimated $1 million. Additionally, they were charged with conspiracy to commit mail and wire fraud, which could result in a maximum prison sentence of 20 years. The bank fraud could result in up to 30 years. Yikes!
While neither of the show's stars have been arrested, they're due in New Jersey court on Tuesday Morning.
A Bravo representative had no comment.