Teresa and Giuseppe “Joe” Giudice, the married stars of the TV show, “The Real Housewives of New Jersey,” pleaded guilty to several mortgage and bankruptcy fraud charges and admitted to conspiring to defraud banks and other lending institutions while they sought nearly $5 million in construction loans, home equity loans, and mortgages.

They additionally admitted to misleading a federal bankruptcy court when they applied for Chapter 7 bankruptcy protection in 2009, and failing to disclose Teresa Giudice’s true income from the “Real Housewives” show and personal and magazine appearances.  They also concealed the business they owned as well as the money they made from rental income.

Joe Most Likely Will Receive Prison Time

Miles Feinstein, Joe Guidice’s attorney, expects that Joe will be given prison time, even though he may ask for probation. Federal sentencing guidelines, which the judge is not bound by, recommend a sentence of 37 to 46 months.

Teresa to Push for Probation

Henry Klingeman, Teresa Giudice’s lawyer, will push for a sentence of only probation for Teresa. Klingeman says Teresa bears less responsibility than Joe and notes that the couple has four daughters who need to be cared for. Federal sentencing guidelines recommended that Teresa receive less than 2 1/4 years in prison.

Both Giudices admitted to one count of conspiracy to commit mail and wire fraud, one count of bankruptcy fraud by concealment of assets, one count of bankruptcy fraud by false oaths, and one count of bankruptcy fraud by false declarations. Joe Giudice additionally pleaded guilty to one count of failure to file a tax return.

Deceptions and Fraud

U.S. Attorney Paul Fishman said in a statement, “Teresa and Giuseppe Giudice used deception and fraud to cheat banks, bankruptcy court and the IRS. With their guilty pleas, they admitted the schemes with which they were charged. Having now confessed their wrongdoing, the Giudices face the real cost of their criminal conduct.”