Weekly Real Estate News
A California real estate broker was sentenced to 30 days in jail and five years of probation and was ordered to pay more than $2 million in fines and restitution after he pleaded no contest to two counts of embezzlement.
Adam Michael Pirozzi owned Santa Barbara Property Management, a company that managed apartment complexes. An investigation by the real estate fraud unit within the Office of the District Attorney for Santa Barbara County found embezzled more than $650,000 of a client’s funds.
The district attorney’s office froze multiple homes and bank accounts belonging to Pirozzi when the criminal case against him was filed. 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.
