Teresa and Joe Giudice, the combative couple from Real Housewives of New Jersey, have been indicted on multiples charges of federal bank and bankruptcy fraud. If they’re convicted, they face up to 50 years in prison.
It’s hard to recap the amount of money fraud this couple has committed. I remember covering their 2010 bankruptcy and subsequent legal issues. It came out that they were $11 million in debt, and that they splurged creditor’s money on things like a suit of armor, mahogany furniture, and chandeliers worth $5,000 a piece. They were later charged with hiding assets from creditors in their bankruptcy filing.
Somehow they held on to their tacky mcmansion throughout it all, which was custom made to Teresa’s specifications and included massive amounts of marble and onyx. Even after filing bankruptcy, Teresa never thought she had a money problem, insisting that she lived “within her means.”
Well all of that may come crashing down soon. The couple was officially charged with fraud yesterday. It turns out that they misrepresented income to obtain loans, even going so far as to create fake income documents. They also failed to file taxes for years.
The Real Housewives of New Jersey star and her husband Joe were charged Monday with a number of serious instances of financial fraud. If convicted, they could each serve more than 50 years in prison.
“The indictment returned today alleges the Guidices lied to the bankruptcy court, to the IRS and to a number of banks,” Fishman said. “Everyone has an obligation to tell the truth when dealing with the courts, paying their taxes and applying for loans or mortgages. That’s reality.”
Among the charges of the 39-count indictment are conspiracy to commit mail and wire fraud, bank fraud, lying on loan applications and bankruptcy fraud. Joe is also being charged with failure to file tax returns for 2004 through 2008.
On loan applications, Teresa and Joe allegedly made up fake jobs and salaries to get larger loans. They also allegedly used fake documents in a conspiracy to get mortgages and loans they did not deserve.
In one instance, Teresa claimed to be an executive assistant to get a loan for $121,500, and even submitted fake W-2 forms and fake pay stubs.
As for her real job with Bravo, she allegedly concealed her earnings from RHONJ during bankruptcy proceedings. The government was alerted to potential problems with her filing back in 2010, as RadarOnline.com reported. Around the same time, Teresa admitted that the couple were $11 million in debt.
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.
What’s more is that Joe still has to go to trial for obtaining a driver’s license under his brother’s name. He did that in order to be able to drive when his license was suspended for DUI. Joe’s master plan to make it through his very probable incarceration (on that charge) is to set up some kind of reality show behind bars where he acts like The Godfather. I’m not kidding.
So now Joe and Teresa are each facing serious jail time. I feel bad for their young daughters, but that’s about it. They’ve been living the high life and eating up the spotlight for some time. If they defrauded people, and it seems obvious that they did, they should face the consequences. If they profit off their prison time in any way, the money should go to the people they owe.
The couple’s expensive ‘vow renewal ceremony’ was held in 2011, a year after they declared bankruptcy
Some photos credit: In Touch. Other photos are of Teresa promoting her book, Fabulicious on the Grill, in June. Credit: WENN.com
