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UPDATE: 10:50 AM EST

After appearing at a hearing in federal court this morning, Teresa and Joe Giudice have been released on $500,000 bond.

They have yet to enter their pleas to the charges against them, as their arraignment hearing is set for Aug. 14.

SOURCE: NJ.com

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Looks like all those years of flaunting mansions and money on Bravo finally caught up to this Jersey girl.

Real Housewives of New Jersey stars Teresa Giudice and her husband Joe are facing more than 50 years in prison after being hit with a list of criminal charges, including bank fraud and tax evasion.

According to TMZ:

U.S. Attorney Paul J. Fishman just announced the 39-count indictment, claiming Teresa and her hubby massively defrauded the IRS as well as several banks between 2001-2008.

According to the U.S. Attorney, the Giudices conspired to illegally obtain mortgages and other loans from multiple banks by intentionally overestimating their incomes in order to get more money. 

The Giudices also allegedly withheld vital information about their net worth from a U.S. bankruptcy trustee after filing for Chapter 7 in 2009 — including Teresa’s true income from the reality show.

Joe is also accused of failing to file income tax returns between 2004 and 2008. Between those years, he allegedly earned $1 million.

The Giudices were hit with 39 charges — including conspiracy to commit mail and wire fraud, which carries a max prison sentence of 20 years, and bank fraud, which carries a max of 30 years. The remaining charges carry the possibility of even more prison time.

Teresa and Joe are still free, but they are due in court on Tuesday morning in Jersey.

We’ll keep you updated on the latest.

SOURCE: TMZ