Clay and Teresa Prescott, proprietors of the former ABC Yachts in Sausalito and San Rafael, were ordered to surrender on June 21 to begin their sentence. They were also ordered to pay restitution.
The couple were sentenced by Judge Kelly Simmons. Defense attorney Anthony Lowenstein, who represented Teresa Prescott, said Simmons was "very reasonable and fair."
"The Prescotts were beloved pillars in their marine community who up to this incident had always lived law-abiding lives and run a helpful honest business for over two decades," Lowenstein said.
The Prescotts were arrested last July on suspicion of embezzling funds from several yacht owners who engaged ABC to sell their boats.
According to court documents, investigators suspected the couple repeatedly bounced checks to clients, commingled business funds with personal expenses and failed to keep sufficient funds in escrow accounts as required by law.
At one point, the brokerage's trust account contained just $26.14 while the business racked up 16 overdrawn checks for $14,320 and four more dishonored checks totaling $291,000, police said.
The couple accepted a plea deal in January that reduced the number of charges against them. After serving about half their jail term, they will be eligible to complete the sentence through house arrest or a work program,
Read more Mill Valley stories at the IJ's Mill Valley section.
Contact Gary Klien via e-mail at gklien@marinij.com
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