Real Housewives of New Jersey star Teresa Giudice, and her husband Joe Giudice, have both pled guilty to fraud in their pending case... and they're both looking at prison time as an end result.

According to The New York Daily News, in addition to the jail time that the Giudice's are facing, Joe runs the risk of being deported back to his native Italy if the judge rules against him. The couple pled guilty to bankruptcy fraud, mail fraud, mortgage fraud, and other federal fraud charges in the Newark Federal Court.

Teresa could be subject to up to 27 months in prison, and has agreed to pay $200,000 in restitution. Joe, on the other hand, faces up to 46 months. The latter is facing heavier charges because he admitted to not only the fraud, but also to not paying his income taxes on over $1 million of income between 2004 and 2008. The couple will also forfeit additional cash, as determined by the judge.

Fox News has learned that the trouble for the Giudices began in 2009, before the Real Housewives of NJ debuted on Bravo. At that time, they exaggerated their income on loan applications, then filed for bankruptcy after the show aired in order to hide their assets. In addition, the couple also fabricated tax returns and W-2 forms... all Federal offenses.

US Attorney Paul Fishman, who prosecuted the case, issued the following statement to the press: "Having now confessed their wrongdoing, the Giudices face the real cost of their criminal conduct."

Though the couple didn't speak to the press directly, Teresa issued a statement through her lawyer, Henry Klingeman: "Today, I took responsibility for a series of mistakes I made several years ago. I am heartbroken that this is affecting my family -- especially my four young daughters, who mean more to me than anything in the world."

The couple will be sentenced on July 8.