Tuesday, December 13, 2011

Virginia Couple Accused Of Embezzling $2.5 Million From Real Estate Concern

Terri Lynn Nagy-Phillips, 40, and her husband, Craig Phillips, 41, both of Portsmouth, Virginia, have been arrested and charged with embezzling about $2.5 million from Continental Realty Service where Terri Nagy-Phillips had been employed.  According to authorities, over a period of nearly 4 years, from at least January 2007 through October 2011, Nagy-Phillips siphoned funds from company accounts through a series of unauthorized credit card and other transactions.  She has been charged with Embezzlement, Credit Card Fraud, and Conspiracy to Commit a Felony.  Craig Phillips has been charged with Embezzlement and Conspiracy to Commit a Felony.  Police executed a search warrant and successfully recovered numerous luxury items including including seven luxury vehicles, jewelry, a Harley Davidson motorcycle and one trailer.

Read the story here and here.

Update (7/13/12): Terri Lynn Nagy-Phillips and Craig Phillips entered guilty pleas to one count each of conspiracy and wire fraud for embezzling what is now believed to be about $2.8 million.  According to authorities, the couple caused $2.3 million in company checks to be deposited in the Phillips' bank accounts or written to businesses to pay for goods and services bought by the couple. They also executed fraudulent wire transactions to pay for more than $500,000 in unauthorized charges to the company's credit card.

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