'Real Housewives of NJ' star Teresa Giudice and husband Joe facing over 50 years in prison after fraud indictment

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real-housewives-teresa-giudice-joe-bankruptcy-500.jpgIt's not been a very good day for "Real Housewives of New Jersey" star Teresa Giudice and her husband Joe.

On Monday (July 29), U.S. Attorney Paul J. Fishman announced that the reality TV couple have been indicted on 39 separate counts, claiming they've both massively defrauded the IRS as well as several banks between the years of 2001-2008. As a result, they both face more than 50 years in prison should they be convicted.

According to the charges leveled against them, the Giudices conspired to illegally obtain mortgages and other loans from multiple banks by intentionally overestimating their incomes in order to get more money.

It's also been alleged that they withheld vital information about their net worth from a U.S. bankruptcy trustee after filing for Chapter 7 in 2009, including Teresa's real income from the Bravo show.

Joe has also been accused of failing to file income tax returns from 2004-2008, during which time it's alleged he earned $1 million.

Of the 39 charges the two were indicted on, conspiracy to commit mail and wire fraud carries a maximum prison sentence of 20 years, and bank fraud carries a max of 30. The remaining charges would tack on even more jail time.

Neither Teresa or Joe have been arrested, but both are due to defend themselves in court on Tuesday morning in Jersey.
Photo/Video credit: Getty Images