A Santa Barbara County real estate broker pleaded no contest Wednesday to embezzling hundreds of thousands of dollars from clients, according to the Santa Barbara County District Attorney’s Office.

Prosecutors charged Adam Michael Pirozzi, 40, with money laundering and other felonies in July 2021 for allegedly embezzling from his property management company clients.

Pirozzi owned Santa Barbara Property Management, a company that managed small to medium-sized apartment complexes, according to the District Attorney’s office.

The felony complaint against Pirozzi accused him of six counts: money laundering a value of more than $5,000; money laundering a value believed to be more than $50,000; preparing false documentary evidence; theft from an elder or dependent adult by unlawfully obtaining a value of more than $950; and two counts of fraudulent intent to appropriate a value in excess of $400. 

He pleaded no contest to two counts of embezzlement by a real estate broker and an enhancement for embezzling more than $500,000.

(A no-contest plea does not expressly admit guilt, but is treated the same as a guilty plea for purposes of sentencing.)

The investigation found that he stole between $650,000 and $700,000 from his clients’ funds, prosecutors said.

Pirozzi was accused of stealing from his client trust funds as early as December 2019.

Victims are expected to receive full restitution for the money Pirozzi embezzled from them, according to the District Attorney’s office.  

The Santa Barbara Police Department, the District Attorney’s Real Estate Fraud Unit, led by District Attorney Investigator Kristin Shamordola, began investigating Pirozzi after a tip from one of his clients, according to prosecutors.

Pirozzi’s sentencing is scheduled for Feb. 15 in Santa Barbara Superior Court before Judge Jean Dandona.

According to the plea deal, Pirozzi will receive a five-year term of probation, and will be ordered to relinquish assets for restitution.