The outlet reports that the couple appeared before a federal judge via video conference on Friday, and that Loughlin pleaded guilty to one count of conspiracy to commit wire and mail fraud while Giannulli pleaded guilty to one count of conspiracy to commit wire and mail fraud and honest services wire and mail fraud.
However, the judge said he couldn't accept the plea until he sees their pre-sentencing report from the Massachusetts Probation Service.
On Thursday, news broke that the couple was set to plead guilty after over a year of maintaining their innocence. Under the terms of the plea agreements, Loughlin will serve two months behind bars and Giannulli agreed to serve five months. Additionally, Loughlin was ordered to pay a $150,000 fine and was placed on two years of supervised release with 100 hours of community service. Giannulli is set to pay a $250,000 fine and will also be on two years of supervised release and must complete 250 hours of community service.
"Lori and Mossimo are going through the legal process and want to put this behind them," a source close to the couple told People.
Last year, Loughlin and Giannulli were accused of paying a $500,000 bribe to help get their daughters into the University of Southern California. Last April, the couple pleaded not guilty to all charges against them, including conspiracy to commit money laundering as well as charges of conspiracy to commit mail and wire fraud. In November, Loughlin and Giannulli also pleaded not guilty to additional federal bribery charges.