March 4, 2014 -- "Real Housewives of New Jersey" stars Teresa and Joe Giudice have plead guilty in New Jersey federal court today to federal fraud charges, ABC News confirms.
The couple pleaded guilty to several counts of loan and bankruptcy fraud, opening themselves to possible prison time.
Sentencing is set for July 8 in Newark.
The couple was indicted on multiple counts of fraud last summer, including conspiracy to commit mail and wire fraud, bank fraud, making false statements on loan applications and bankruptcy fraud.
Teresa Giudice released a statement obtained by ABC shortly after the plea, saying: "Today I took responsibility for a series of mistakes I made several years ago. I have said throughout that I respect the legal process and thus I intend to address the Court directly at sentencing."
She added, "I will describe the choices I made, continue to take responsibility for my decisions, and express remorse to Judge Slas and the public. I am heartbroken that this is affecting my family -- especially for my four young daughters who mean more to me than anything in the world."
Teresa and Joe Giudice are parents to Gia, Gabriella, Milania and Audriana.
Under federal guidelines, Joe Giudice faces anywhere between 37 to 46 months in prison, while Teresa Giudice could get 21 to 27 months.
Joe, 43, had also been accused of failure to file tax returns from 2004 through 2008, a period when he allegedly earned nearly $1 million.
Joe was born in Italy. After his sentencing, US immigration officials get to decide if they want to proceed with sending him back to his country of birth.