A Santa Maria real estate sales associate was arrested on five counts of grand theft for allegedly stealing more than $500,000 from Fannie Mae and Freddie Mac.

Santa Barbara County District Attorney Joyce Dudley announced on Dec. 15 that Angelo Naemi allegedly conspired with Steven Gonzales to falsify documents regarding a number of short-sale transactions. Gonzales, owner of CornerStone Real Estate in Santa Maria, was charged with one count of conspiracy to commit grand theft as was Naemi, who is listed as a CornerStone sales associate.

The DA’s office investigated this case in conjunction with the Federal Housing Finance Agency and the Office of Inspector General Los Angeles Field Office.

Naemi, who was taken into custody on Dec. 15, has a $395,000 bail.

• Contact Alex Kacik at akacik@pacbiztimes.com.