Former Real Estate Broker Convicted of Embezzlement in Santa Barbara

A former Santa Barbara real estate broker was convicted 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 found that he allegedly stole “more than $650,000 of his clients’ funds,” according to a statement by District Attorney John Savrnoch on December 21.

In the announcement, Savrnoch said that 42-year-old Santa Barbara resident Adam Michael Pirozzi, who owned Santa Barbara Property Management — a company responsible for managing several properties and apartment complexes in the city — pleaded no contest to two counts of embezzlement by a real estate broker, including “an enhancement that the amount he embezzled was in excess of $500,000.”

According to the District Attorney’s Office, a tip from one of Pirozzi’s clients led to an investigation by Santa Barbara Police and the Real Estate Fraud Unit, which found that Pirozzi had allegedly begun stealing clients’ trust funds as early as December 2019.

“The investigation ultimately found that Pirozzi embezzled more than $650,000 of his clients’ funds,” the District Attorney’s statement read. “The District Attorney’s Real Estate Fraud unit froze multiple homes and bank accounts belonging to Pirozzi.” 

Originally, the District Attorney charged Pirozzi with several other crimes in July 2021, including money laundering, preparing false documentary evidence, and theft from an elderly or dependent adult. According to court documents, Pirozzi pleaded not guilty to all charges in September 2021, and has appeared multiple times in court over the past two years. In August 2023, Pirozzi surrendered his real estate license to the California Department of Real Estate, shortly before deciding to enter a plea of no contest to the two counts of embezzlement by a real estate broker.

After pleading no contest to the two counts, Pirozzi had a court date set for sentencing on February 15, 2024. District Attorney Savrnoch said that he is expected to receive five years of probation and will be ordered to relinquish assets for the payment of restitution to the victims. 

“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,” Savrnoch said. “Thanks to their efforts, Mr. Pirozzi’s victims are expected to receive full restitution.”