Teresa And Joe Giudice Fraud Update: These two are in serious trouble! According to outpoken ex prosectotor Nancy Grace, the infamous Jersey couple are 'going down' for thier staggering 39 counts of fraud. Grace compares Teresa and Joe's case to Martha Stewart, citing that the feds like to make an example of celebrities. Teresa and Joe shouldn't have messed with the feds!

When the HLN host was asked what she thought would happen with Teresa and Joe Guidice and their fraud charges, Nancy said,  "I think they were in it together and you know what? You can get away with shoplifting, maybe stealing a car but don't mess with the feds when it comes to money. Never mess with the tax man. Never mess with the feds alright? They have no mercy. I predict they're going down. Much as Martha Stewart was used I think they will be used as an example to other people."

Nancy Grace was absolutely positive that Joe is going to prison and surprisingly was sure that Teresa was 'going down' too sating that Teresa is  just as guilty as her husband.  She was more than happy to open up about her opinions on Joe and Teresa's fraud nightmare, almost reveling in their downfall. She's smart but she can be such a b**ch!

Because the feds wants to make an example of the RHONJ couple, they are in a boatload of trouble. She compares their case with Martha Stewart's legal troubles and thinks the feds will want to make an example of the couple. But Nancy believes Teresa and Joe won't coming out of jail as fast as Martha did. 

Nancy is right. The Giudices will very likely serve time considering how much evidence prosecutors have on them.The RHONJ couple are to arrive in court in February to face their sentence on the fraud charges.  The chance of both of them facing jail time is startlingly good.

Joe and Teresa plead not guilty to a whopping 39 counts of fraud. They included bank fraud, bankruptcy fraud, and conspiracy to commit mail and wire fraud. Joe is also accused of failing to file tax returns for 2004 through 2008.

Although Teresa thinks that she won't be going to jail because a judge 'couldn't possibly take four children away from their mother' the possiblity of jailtime for the Jersey Housewife is very possible. 

In case you didn't know, Teresa and her husband Joe Giudice are facing a multitude of very serious charges which can result in a 50 year prison sentence each.

Below is a summary of their charges:

1) Mail Fraud and Wire Fraud: The indictment states that between 2001-2008, using the U.S. mail, private carriers and wire communications, they defrauded 7 different banks and mortgage lenders.

2) Bank Fraud: The indictment states 5 banks were defrauded by submitting applications with false tax returns, pay stubs, and W-2s that gave false salaries and income. In total they stole $4.5 million from various banks.

3) Loan Application Fraud: For making false statements in those bank loan applications

4) Bankruptcy Fraud: Concealment, False Oaths, False Declarations. These are 22 different counts alone. In essence, they lied to the BK courts (under oath) about their finances and they knowingly filed false documents to conceal their income. That's perjury. Tre & Joe never withdrew their bankruptcy, the courts denied their petition on suspicion of fraud.

5) Failure to Make Tax Returns: These counts are all against Joe, and claim he didn't file tax returns from 2004-2008.

Joe Giudice, whose real first name is Giuseppe, is an Italian citizen. Thus, he could face deportation if he is convicted.

Joe Giudice, 43, was released on a $500,000 bond secured by his father, Frank. Teresa Giudice, 41, was released on a $500,000 unsecured bond.

The duo also had their travel restricted to New Jersey and New York and had to surrender their passports.

The pattern of alleged fraud may have lasted a decade, ," U.S. Attorney Paul Fishman said.

"They're serious charges," he said.

 "They are alleged to have made false statements to the bankruptcy court and the banks that lent them money," Fishman told press.

In a statement, Teresa Giudice discussed the charges.

"I support Joe and, as a wonderful husband and father, I know he wants only the best for our lovely daughters and me," she said. "I am committed to my family and intend to maintain our lives in the best way possible, which includes continuing my career. As a result, I am hopeful that we will resolve this matter with the government as quickly as possible."

On Watch What Heppens Live Teresa adds that "I can't fall apart. I have my daughters. They mean the world to me." For the sake of their daughters, we hope the outcome is positive.