The Prescotts Plead Guilty

Sausalito/San Rafael yacht brokers Clay and Teresa Prescott of ABC Yachts pleaded guilty yesterday to charges that they stole hundreds of thousands of dollars from their clients. According to today’s Marin IJ, Clay took some of the pressure off his wife by copping to two embezzlement charges, which could earn him more than five years in prison. Teresa pleaded guilty to grand theft, which could be punishable by up to four years in prison. The couple’s lawyers are hoping to avoid jail-time for their clients, and say they’re already working to pay back their victims. For what it’s worth, one such victim, who tells us he’s lost over $100,000, contacted us today to say he hasn’t received a dime.