A Santa Barbara real estate broker was arraigned on two counts of embezzlement in Santa Barbara Superior Court earlier this week after an investigation by the District Attorney’s Real Estate Fraud Unit revealed he allegedly stole “more than $650,000 in client funds.” reported that he had been found guilty. District Attorney John Savrnok’s Dec. 21 statement.
Savrnoch said in a statement that Adam Michael Pirozzi, 42, of Santa Barbara, is the owner of Santa Barbara Property Management, a company responsible for managing several properties and apartment complexes in the city. He said he had not contested two embezzlement charges. The real estate broker’s testimony also included “emphasis that the amount embezzled exceeded $500,000.”
According to the District Attorney’s Office, a tip from one of Pirozzi’s clients led to an investigation by the Santa Barbara Police Department and the Real Estate Fraud Unit, which revealed that Pirozzi allegedly began stealing clients’ trust funds as early as December 2019. It has been found.
“The investigation ultimately determined that Pirozzi misappropriated more than $650,000 in client funds,” the district attorney’s statement said. “The District Attorney’s Real Estate Fraud Unit has frozen multiple homes and bank accounts belonging to Pirozzi.”
The district attorney originally indicted Pirozzi in July 2021 on several other charges, including money laundering, creating false documentation, and theft from an elderly person or dependent. According to court documents, Mr. Pirozzi pleaded not guilty to all charges in September 2021 and has been tried numerous times over the past two years before deciding to plead no contest to two counts of embezzlement by a real estate agent. Appeared in court.
After Pirozzi pleaded no contest to two counts, a court date for sentencing was set for February 15, 2024. District Attorney Savrnoch said Pirozzi is expected to be given a five-year suspended sentence and that he will be ordered to surrender his assets to pay restitution. victim.
“I would like to thank the Real Estate Fraud Unit, led by Senior Deputy District Attorney Casey Nelson and Prosecutor Christine Shamoldra, for their diligent investigation and successful prosecution,” said Savrnok. “Thanks to their efforts, Mr. Pirozzi’s victims are expected to receive full compensation.”