Husband-and-wife cast members of The Real Housewives of New Jersey reality TV show pleaded guilty on Tuesday to mail and wire fraud conspiracy and bankruptcy fraud stemming from what prosecutors said was years of hiding income and lying to obtain financial loans.

Teresa Giudice, 41, and her husband, Giuseppe Giudice, 43, face prison sentences and fines after pleading guilty before US District Court Judge Esther Salas in federal court in Newark, New Jersey.

Prosecutors said Teresa faces up to 27 months in prison, while her husband faces up to nearly four years, and possible deportation, because he is an Italian citizen.

The Giudices have appeared in five seasons of the reality show on the Bravo channel, where they reveled in their luxury lifestyle and spent lavishly on their children and themselves.

In the first episode, Teresa Giudice paid $120,000 in cash to furnish a room in their house styled after a French chateau.

The husband and wife each pleaded guilty to conspiracy to commit mail and wire fraud and to three counts of bankruptcy fraud.

"Today I took responsibility for a series of mistakes I made several years ago," Teresa Giudice said in a statement read by her attorney, Henry Klingeman. "I am heartbroken that this is affecting my family, especially my four young daughters, who mean more to me than anything in the world."

Under the plea deals, the Giudices must forfeit money that they obtained in the frauds. That amount will be decided at sentencing, which is scheduled for July 8. Teresa Giudice will also be required to pay $200,000 at sentencing.

Her husband pleaded guilty as well to failure to file tax returns on income totaling nearly $1 million.

"Teresa and Giuseppe Giudice used deception and fraud to cheat banks, bankruptcy court and the IRS," said US Attorney Paul Fishman.