AP audit finds $3 million embezzlement scheme by husband and wife

Husband and wife Craig and Terri Nagy-Phillips have pled guilty to embezzlement after it was discovered they collaborated to steal approximately $3 million from Mrs. Nagy-Phillips former employer.

According to The Associated Press, the couple face one charge each of wire fraud and conspiracy, and could face 40 years in prison if convicted. Mrs. Nagy-Phillips worked for a real estate company in Virginia Beach, Virginia, and made fraudulent payments from the business' account to both herself and her husband by listing him as an employee, states the news source.

Mrs. Nagy-Phillips was employed by the company as comptroller, where she stole $3 million between January 2007 and November 2011 by writing company checks to deposit into her and her husband's bank accounts. By naming Mr. Phillips as an employee of the commercial real estate company, she also paid him an unauthorized salary. In some cases, the checks were paid directly to businesses that the couple had received goods or services from. Additionally, the Phillips also used a business credit card to make fraudulent purchases, including plane tickets, jewelry and equipment to run a tanning salon business, prosecutors state.

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