Santa Barbara Real Estate Broker sentenced for embezzlement, faces $2 million in fines
SANTA BARBARA, Calif. – District Attorney John T. Savrnoch’s office announced Thursday morning Real Estate Broker Adam Michael Pirozzi, 42, of Santa Barbara County has been sentenced to five years of probation and 30 days in jail for embezzlement.
Pirozzi will also have to pay a $1,065,000 fine, on top of a court-ordered $1,275,388.73 in victim restitution, according to the DA’s office.
Pirozzi owned Santa Barbara Property Management, as described by the DA’s office, a company responsible for managing various apartment complexes.
The DA noted Pirozzi had previously pled no contest to two counts of embezzlement by a real estate broker, and admitted an enhancement that the amount he embezzled was in excess of $500,000.00.
“Based on a tip from one of Mr. Pirozzi’s clients and a referral from the Santa Barbara Police Department, the District Attorney’s Real Estate Fraud Unit, led by District Attorney Investigator Kristen Shamordola, began investigating Mr. Pirozzi’s handling of his client trust accounts,” wrote the DA’s office in a press release. “The investigation ultimately found that Mr. Pirozzi embezzled more than $650,000.00 of his client’s funds.”
According to this case, the District Attorney’s Real Estate Fraud unit froze multiple homes and bank accounts belonging to Pirozzi when the criminal case against him was filed.
The DA’s office said the frozen assets will be used to pay victim restitution in full plus interest and to pay the fine ordered by the court.
“The ability to freeze assets is a valuable tool to ensure that victims can receive restitution and that defendants cannot profit from stolen money,” said District Attorney John Savrnoch.
