Couple charged in Virginia Beach embezzlement

Police have charged a Portsmouth couple with embezzling about $2.5 million from a realty company and using the money to buy luxury cars, jewelry and other items.

Virginia Beach-based Continental Realty Services Inc. last month reported an employee had taken money from the business's accounts over nearly five years starting in January 2007, according to a police news release Monday. Detectives from the Virginia Beach Economic Crime Unit investigated and obtained warrants for an employee of the company, Terri Nagy-Phillips, 40, and her husband, Craig Phillips, 41, according to the release.

Officers arrested the couple Thursday and seized evidence from their home in the 3800 block of County St. in Portsmouth, police said. Officers searched a storage unit in the 400 block of London Bridge Road in Virginia Beach, seizing thousands of dollars in property, including seven luxury vehicles, jewelry, a Harley-Davidson motorcycle and a trailer, according to the release.

Police charged the couple with embezzlement and conspiracy. Nagy-Phillips also faces a charge of credit card fraud. They remained in the Virginia Beach Correctional Center without bond Monday.

Continental Realty provides property management and other services for commercial and multifamily properties, according to the company's website.