UPDATE 7/30/13: Joe and Teresa Giudice are free on $500,000 bonds each and were required to surrender their passports, with instructions not to leave the states of New Jersey and New York. The couple is scheduled to be arraigned in New Jersey in federal court on August 14.  Joe responded to the media crush by flipping photogs "the bird" which his lawyer admonished him for. 

PREVIOUS: US ATTORNEY GENERAL unveiled a 39 count indictment ranging from bank fraud to income tax evasion against TERSEA GIUDICE and her husband JOE.

They face more than 50 years behind bars if convicted.

U.S. Attorney Paul J. Fishman announced to media a 39-count indictment, charging that the Giudices defrauded the IRS as well as several banks between 2001-2008.

 According to the indictment, they conspired to illegally obtain mortgages and other loans from multiple banks by deliberately overinflating their incomes in order to obtain loans.

Reportedly, the Giudices also withheld vital information about their net worth from a U.S. bankruptcy trustee after filing for in 2009 which included including Teresa's actual income from the Bravo reality show. 

Joe is also accused of failing to file income tax returns for the years 2004-2008, during which he allegedly earned $1 million.

Joe is also NOT a U.S. citizen (he's a citizen of Italy) and faces a variety of immigration issues, including deportation, if convicted of the charges against him. 

The potential punishments for their actions are as follows: Up to 20 years in prison and $250,000 fine for mail and wire fraud, up to 30 years in prison and $1 million fine for bank fraud, up to five years in prison and a $250,000 fine for bankruptcy fraud, and failure to file tax returns nets up to one year and $100,000 fine for each year.