Teresa and Joe Giudice Fraud Update: After a not guilty plea for since the fraud charges initially surfaced, Joe and Teresa have made a guilty plea. The plea deal for fraud charges with the federal prosecutors will avoid a trial in April yet the sentencing can not be changed. The prosecutors made them make the plea in a 'package deal' meaning Joe and Teresa would both have to make the same plea together. The deal could be a smart move for the Real Housewives of New Jersey stars settling for a much lower sentencing then if they faught the fraud charges in court.

The guilty plea will be given on Tuesay, March 4th and the sentencing will take a while for the prosecutors to figure out but the sentencing will be final. Most likely Teresa Giudice will be given a maximum of 2 years in prison while husband Joe Giudice will get a minimum of 3 years behind bars for committing multipe action of fraud. The RHONJ couple will have to pay about $11 million in restitution to the feds. Basically Teresa and Joe will both be taken away from their lavish home and loving family to serve time behind bars. Was committing fraud it worth it Teresa and Joe?! Everything comes at a price Mr. Giudice.

So now what will happen to the four Giudice daughters who are completely innocent in all of the fraud mess? They will most likely go to Joe's brother or Teresa's parents. Teresa Giudice's father is currently in the hospital and checked in on Feb. 16th with heart and hung problems. Teresa has always been there for her father and the two were very close as seen on Real Housewives of New Jersey and the stress may be too much for her father to take. A friend told RadarOnline, "Teresa is very close to her father, and it was devastating to see him lying in a hospital bed - she's already so stressed, and this just broke her heart. She's going through an extremely difficult time." A difficult time would be an understatement for Teresa and Joe. The children may be losing their parents AND grandfather after Teresa and Joe's sentencing for fraud after the plea deal.

Below is a summary of their Joe and Teresa's serious fraud 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.

6) Teresa signed false loan application claiming she was a real estate broker earning $50,000 per month.

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 an official 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."