A Santa Barbara County real estate broker has been convicted of embezzling over $650,000 from clients.
Adam Michael Pirozzi, 42, pleaded no contest to two counts of embezzlement on Wednesday. He also admitted to an enhancement that the amount he embezzled was in excess of $500,000.00. A plea of no contest has the same legal effect in a criminal court as a plea of guilty, according to Santa Barbara County District Attorney John T. Savrnoch.
Pirozzi owned Santa Barbara Property Management, a company responsible for managing various rental properties ranging from small to medium sized apartment complexes. As early as December 2019, he began stealing client trust funds.
Based on a tip from one of Pirozzi’s clients and the Santa Barbara Police Department, the District Attorney’s Real Estate Fraud Unit, led by District Attorney Investigator Kristin Shamordola, began investigating Pirozzi’s handling of his clients’ trusts.
The investigation ultimately found that Pirozzi embezzled more than $650,000.00 of his clients’ funds. The District Attorney’s Real Estate Fraud unit froze multiple homes and bank accounts belonging to Pirozzi. Based on those efforts, the victims in the case are expected to receive full restitution of all monies Pirozzi embezzled, according to the District Attorney’s Office.
“Thank you to the Real Estate Fraud Unit, led by Senior Deputy District Attorney Casey Nelson and DA Investigator Kristin Shamordola for their diligent investigation and successful prosecution. Thanks to their efforts, Mr. Pirozzi’s victims are expected to receive full restitution,” said DA Savrnoch.
According to the real estate website Zillow, Pirozzi has nearly twenty years of real estate experience. He sold 64 homes under the company named Harbor View Real Estate that ranged in sale prices from $700,000 to over $4 million.
This past July the California Department of Real Estate listed Pirozzi as voluntarily surrendering his license due to the pending embezzlement charges and over ten violations of state’s regulatory agency.
Sentencing is set for February 15, 2024, in Santa Barbara Superior Court Department 1 before the Honorable Judge Jean Dandona.
Pirozzi will receive a 5 year term of probation, and will be ordered to relinquish assets for the payment of restitution.
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Lock him up !!!! Probation what a joke
Such a lenient sentence!
So this guy commits premeditated crimes against others, repeatedly, and…has to pay back what he stole and that’s it (probation doesn’t count)?! What a joke. He should be treated the same as if he went into a bank and held up the teller. Put this guy away for awhile. He will likely do something like this again.
Whos going to hold Adam Pirozzi Accountable Id like to speak to the District Attorney and I’ll definitely be at his sentencing for sure you can’t miss me the Amputee Disabled Veteran that Implemented Homeland Security in South East Alaska Code of Federal Regulations CFR105MTSA Maritime Transportation Security Act. 33CFR154 Bulk Oil Facilities Inspctor. 33CFR126 Container Facilities Inspector. Explosives Handling Supervisor. Boarding Officer. Boarding Team Member. Pollution Investigator. Harbor Safety Officer. Fishing Vessel Safety Examiner. Casualty Investigator. Marine Inspector. United States Coast Guard Kilo 161 Cape May New Jersey joined after 9/11 my first job out of Highschool was For Ozzy and Peter DaRoss Santa Barbara Stone. I saw 9/11 happen in the office at Santa Barbara Stone. It was department of Transportation Honorable Norman Mineta. Im a Plank Owner of Homeland Security. And Adam Pirozzi I will see you at your Sentencing at the Historic Santa Barbara Courthouse.
This is why money crimes are increasing-no punishment! This guy stole hundreds of thousands (or maybe even more) and received less than a slap on the wrist. I doubt that he has the assets to pay restitution to all of the people he stole from. Some judges think that they are social workers and can’t make the hard decisions to punish criminals. My experience tells me that this guy will offend again, if not in Santa Barbara, then in another area or state.