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Anne Hathaway, who stormed Hollywood with her career-making performance in 'The Devil Wears Prada' and is now at the height of her profession impressing moviegoers with her comedic chops in 'Get Smart,' is currently finding herself going through a decidedly more somber experience behind the camera.

ET confirms that her ex boyfriend Raffaello Follieri was arrested Tuesday on wire fraud and money laundering charges.

According to a 12-count complaint, the 29-year-old Follieri, allegedly ran a fraudulent real estate investment scheme from June 2005 through June 2007 in which he claimed to have close ties to the Vatican enabling him to buy Catholic Church properties at a large discount.

Follieri is also accused of misappropriating hundreds of thousands of dollars of investor money to live a posh lifestyle, which included a Manhattan apartment leased for approximately $37,000 a month.

Follieri appeared in court Tuesday and is currently in jail until he can post a whopping $21 million bail.

If convicted, Follieri could face 20 years in prison.