Couple sentenced for embezzlement at their brokerage - Trade Only Today

Couple sentenced for embezzlement at their brokerage

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Clay and Teresa Prescott, proprietors of the former ABC Yachts in Sausalito and San Rafael, Calif., were sentenced to eight months in county jail Tuesday for embezzling more than $200,000 from clients at their brokerage.

The couple was ordered to surrender June 21 to begin their sentence, as well as to pay restitution, according to an article in the Contra Costa Times.

"The Prescotts were beloved pillars in their marine community who up to this incident had always lived law-abiding lives and [ran] a helpful honest business for over two decades," Teresa Prescott's attorney Anthony Lowenstein, told the newspaper.

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.

The couple accepted a plea deal in January that reduced the number of charges against them.

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