TMZ reports that the couple pleaded guilty as part of a plea deal in which Teresa would face less than two years in prison, but Joe at least three. Exact details of the agreement are unknown.
Teresa pleaded guilty to four counts and Joe to five. The two were initially charged with over 41 criminal counts last year. The charges ranged from conspiracy to commit mail and wire fraud to bank fraud, bankruptcy fraud, and making false statements. The alleged offenses took place between 2001 and 2011.
Prosecutors claim that the couple used fake pay stubs, tax returns, and W-2 forms to inflate their incomes and obtain nearly $5 million in mortgages and other loans. They also allegedly hid money earned from their Real Housewives of New Jersey stint and from other business ventures, after filing for bankruptcy in 2009.
The pair will be sentenced at a later date, but will most likely be going to jail.