The Situation: Under Federal Investigation Over Business Dealings!

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Jersey Shore star The Situation the target of a federal criminal investigation regarding his cash flow and business dealings, according to a new report.

Under scrutiny are Mike Sorrentino and his companies MPS Entertainment, Situation Productions, GTL Management (seriously) and Situation Nation.

Say WHAT Yo?

Why Sitch has four companies, who can say. But we're guessing they're not reporting / paying taxes on his income (our guess) according to the law.

The exact nature of the crime(s) he is suspected of (or a Person of Interest in) is unclear, but TMZ says it's a felony, and that it's all finance related.

Could he have been getting it in ... the wrong bank accounts?

Subpoenas have been issued to Mike's associates, asking for copies of payments issued to him, copies of checks, any communications, and more.

And we thought Pauly D was having a rough go of it lately. Amanda Markert and her custody drama pale in comparison to the FBI on the problem scale.

The Situation's rep has not commented on the ... situation.

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