Real Housewives of New Jersey stars plead guilty to fraud, could serve several years in prison

Two stars from Real Housewives of New Jersey are facing the harsh reality of the criminal justice system. Teresa and Joe Giudice pleaded guilty to several counts of various types of fraud and failing to pay taxes. The Bravolebrities reportedly acted composed while admitting their guilt in the Newark federal criminal courtroom.

In a statement, Teresa said she takes responsibility for the mistakes. "I am heartbroken that this is affecting my family — especially my four young daughters, who mean more to me than anything in the world," she said. The pair faced a 41-count indictment in July, and originally pled not guilty to two charges in November. Sources tell Us Weekly that the Giudices will plead guilty to some but not all of the charges as part of a plea bargain.

The Giudices are accused of hiding their fortunes in a 2010 bankruptcy filing and exaggerating their income during the loan application process.

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Sentencing is slated for July 8. Teresa could serve up to 21 to 27 months in prison while Joe could face between 37 and 46 months.