Teresa and Joe Guidice Found Guilty Of Bank Fraud

Both Face Prison Time

Reality: It has been announced today that Real Housewives of New Jersey stars Teresa and Joe Guidice will be facing prison time this July after both of them being found guilty on bank fraud. 

TMZ report today that the couple agree to plead guilty for a plea deal. Teresa will face up to 21 to 27 months in prison and Joe will face up to 46 months. 

Watch It Here: Big Ang Defends Joe and Teresa's Legal Troubles

  'Mob Wives' Star Big Ang -- Teresa Giudice Is INNOCENT!!!

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Reality News:  Mob Wives star Big Ang is speaking to TMZ about the Joe and Teresa's legal troubles. Early this week, the couple of Real Housewives Of New Jersey were charged with 39 counts of fraud and may face 30 years in prison. It also has been rumored that the show might get cancelled. 

Big Ang thinks they are innocent

"I feel like she's innocent and so is he," says Ang -- who knows a little something about the criminal justice system.  

'RHONJ' Stars Might 50 Years For Money Fraud + Tax Charges

Teresa and Joe Might Get 50 years

Reality News: Teresa and Joe's reality TV careers might be over. According to TMZ today,  they have been charged for tax invasion and bank fraud. 

From TMZ

U.S. Attorney Paul J. Fishman just announced the 39-count indictment, claiming Teresa and her hubby massively defrauded the IRS as well as several banks between 2001-2008.

According to the U.S. Attorney, the Giudices conspired to illegally obtain mortgages and other loans from multiple banks by intentionally overestimating their incomes in order to get more money. 

The Giudices also allegedly withheld vital information about their net worth from a U.S. bankruptcy trustee after filing for Chapter 7 in 2009 -- including Teresa's true income from the reality show.

As for tax evasion, Joe is accused of failing to file income tax returns for the years 2004-2008, during which he allegedly earned $1 million.

All told, the Giudices were hit with 39 charges -- including conspiracy to commit mail and wire fraud, which carries a max prison sentence of 20 years, and bank fraud, which carries a max of 30 years. The remaining charges carry the possibility of even more prison time.