A Santa Barbara County man and former real estate broker has been convicted of embezzlement and sentenced to five years probation, 30 days in jail, and $2 million in fines, according to the District Attorney’s Office.
Adam Michael Pirozzi, 42, was convicted of embezzling more than $650,000 of his client’s funds as owner of Santa Barbara Property Management, a company responsible for managing various apartment complexes.
Pirozzi previously pleaded no contest to two counts of embezzlement by a real estate broker.
As part of the $2 million fine, the Santa Barbara Superior Court ordered the defendant to pay nearly $1.3 million in restitution to his victims.
According to the District Attorney’s Office, a tip from one of Pirozzi’s clients and a referral from the Santa Barbara Police Department prompted an internal investigation into Pirozzi’s handling of his client trust accounts.
Once the criminal case against him was filed, the District Attorney’s Real Estate Fraud Unit reportedly froze multiple homes and bank accounts belonging to Pirozzi.
The frozen assets are designated for the complete payment of victim restitution, including interest, as well as for settling the court-ordered fine.