CELEBRITY
03/04/2014 01:32 pm ET Updated Mar 04, 2014

Teresa Giudice, Joe Giudice Plead Guilty To Fraud Charges, Face Prison Time

"Real Housewives of New Jersey" stars Teresa and Joe Giudice have learned that cheaters never prosper, pleading guilty to multiple fraud charges in Newark Federal Court on Tuesday, March 4, reports Us Weekly.

Initially indicted on a total of 41 criminal counts last year, Teresa pled guilty to four counts including conspiracy to commit wire fraud and bankruptcy fraud, while Joe pled guilty to the same counts as his wife, plus one count of failure to file tax returns, as part of a plea deal, according to TMZ.

The couple, parents to four girls under the age of 14, could be looking at serious jail time for their crimes. Despite the fact that Joe faces a potential sentence of 37 to 46 months in jail, with Teresa facing 21 to 27 months, the couple appeared "composed," according to NJ.com.

The Giudices are accused of obtaining more than $5 million in bank loans due to fraudulent and falsified paperwork. In July 2013, they were charged on a 39-count indictment with conspiracy to commit mail and wire fraud, bank fraud, making false statements on loan applications and bankruptcy fraud. Four months later, the pair was indicted on two additional counts of bank and loan application fraud, reports E! News.

The Giudices are scheduled to be sentenced on July 8.

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