US ATTORNEY GENERAL drops 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.

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.

“The privilege of living well in the United States carries certain real responsibilities, including filing tax returns when required and paying the correct amount of tax,” Shantelle P. Kitchen, Special Agent in Charge, IRS-Criminal Investigation, Newark Field Office, said.

The Giudices are due in court tomorrow to answer the charges.

Neither have been arrested – yet.