Santa Barbara County District Attorney John T. Savrnoch announced that on December 20, 2023, 42-year-old Santa Barbara County resident Adam Michael Pirozzi pled no contest to two counts of embezzlement by a real estate broker in violation of Penal Code § 506. He also admitted an enhancement under Penal Code § 186.11(a)(2) 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.
Mr. 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, Mr. Pirozzi began stealing client trust funds. Based on a tip from one of Mr. 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 Mr. Pirozzi’s handling of his clients’ trusts. The investigation ultimately found that Mr. 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 Mr. Pirozzi. Based on those efforts, the victims in the case are expected to receive full restitution of all monies Mr. Pirozzi embezzled.
District Attorney John T. Savrnoch stated, “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.”
Sentencing is set for February 15, 2024, in Santa Barbara Superior Court Department 1 before the Honorable Judge Jean Dandona. Mr. Pirozzi will receive a 5 year term of probation, and will be ordered to relinquish assets for the payment of restitution.