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Real Estate Agent Pleads Guilty to Stealing Construction Funds

District Attorney Gregory D. Totten announced today that Megan Elizabeth Zucaro (DOB 7/11/70), of Thousand Oaks, pled guilty to one felony count of diversion of construction funds. Zucaro was charged with one felony count of grand theft, one felony count of diversion of construction funds and one felony count of money laundering. The investigation and prosecution of Zucaro was conducted by the District Attorney’s Office Real Estate Fraud Unit.

Zucaro, a real estate agent licensed by the California Department of Real Estate, was accused of misappropriating approximately $165,000 in loan proceeds. Zucaro convinced a 90-year-old victim to give her a 50 percent interest in his property so she could obtain a loan to develop the property on his behalf. Zucaro paid nothing to the victim in return for her interest in the property. After being added to the property’s title, Zucaro used it as collateral for a loan with net proceeds of approximately $165,000.

Within 30 days of receiving the $165,000, Zucaro spent the funds on personal expenses completely unrelated to developing the victim’s property. Zucaro is scheduled to be sentenced on July 8, 2020, at 9:00 a.m. in courtroom 46 of the Ventura County Superior Court. She is expected to be sentenced to 365 days in jail and placed on 60 months of felony probation. Zucaro will also be ordered to pay restitution to the victim and surrender her real estate license.