U.S. Attorney Paul J. Fishman announced the couple was facing a 39-count indictment for defrauding the IRS and several banks from 2001 through 2008, failing to file income tax returns for the years 2004 through 2008, and conspiracy to commit mail and wire fraud.
According to Fishman, the Guidices conspired to illegally obtain mortgages and loans from multiple banks by lying about their incomes to be eligible to receive more money.
In addition, the couple is accused of withholding vital information regarding their net worth from a U.S. bankruptcy trustee, after filing for Chapter 7 in 2009, including failing to report Teresa's income from participating in the reality show.
TMZ reports the conspiracy charges carry a maximum prison sentence of 20 years and that the bankruptcy charges are punished with 30 years. The rest of the charges would add even more prison time to their sentence.
The couple, who has not yet been arrested, is due in court Tuesday.
Notable deaths of 2014 [PHOTOS]