NORFOLK, Va. (AP) — A Portsmouth couple is facing up to 40 years in prison apiece after admitting they stole nearly $3 million from a Virginia Beach commercial real estate company.
Federal prosecutors say Terri Lynn Nagy-Phillips and Craig Phillips have pleaded guilty in federal court in Norfolk to one count each of conspiracy and wire fraud.
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Court records show Nagy-Phillips was employed with the company and falsely listed her husband as an employee and paid him a salary.
Prosecutors say about $2.3 million in company checks were 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.
They will be sentenced in October.
