3:09 PM PT -- Papini appeared in front of a judge Friday who noted the 2 charges against Papini for making false statements and mail fraud come with a max of 5 years/$250,000 fine and 20 years/$250,000 -- respectfully.
She'll be held in custody until at least Tuesday for her next hearing.
Sherri Papini made national headlines 5 years ago when she was reportedly kidnapped ... well now there's been an arrest -- no, the kidnappers weren't busted ... Sherri was.
The California mom was arrested Thursday night for staging her own disappearance. On top of that, she was charged with fraudulently obtaining tens of thousands of dollars in victim's assistance funds.
Papini was reported missing in early November 2016 and was later found on Thanksgiving day about 150 miles away from her home. She told law enforcement that she was abducted and held at gunpoint by 2 Hispanic women. She worked with an FBI artist who came up with a sketch of the alleged kidnappers.