Albany Man Confesses to Stealing $1M in Federal Funds
TL/DR –
Asjid Parvez, 37, of Albany, New York, confessed to stealing nearly $1 million in federal funds from a program designed to aid farmers struggling with loan repayments. Parvez, who had defaulted on a loan for a Maryland chicken farm, was supposed to use the federal assistance to clear the debt, but instead used it for personal expenses and real estate investment activities. The case, investigated by the FBI, resulted in Parvez pleading guilty to theft of government property, and he now faces up to 10 years in prison, 3 years of supervised release, a fine of up to $250,000, and an agreement to pay $972,564.61 in restitution to the U.S. Department of Agriculture’s Farm Service Agency.
ALBANY, NEW YORK – Farmer Pleads Guilty to Stealing Nearly $1M in Federal Funds
Albany resident Asjid Parvez, 37, confessed today to misappropriating nearly $1 million in federal funds meant to assist struggling farmers to clear their loans.
U.S. Attorney Carla B. Freedman and FBI Albany Field Office Special Agent-in-Charge Craig L. Tremaroli announced the guilty plea.
Under the 2022 Inflation Reduction Act, the Farm Service Agency (FSA) of the U.S. Department of Agriculture was authorized to financially support distressed borrowers who were lagging in repaying their federally backed farm loans. Parvez was among these borrowers, having defaulted on a loan for a Maryland chicken farm purchased in 2014.
Parvez admitted to misusing the $972,564.61 Treasury check the FSA sent in May 2023, meant for settling the defaulted loan. He used the money for personal expenses and real estate investments instead. Parvez siphoned the funds by depositing the check, made out to him and his lender, Horizon Farm Credit, into a bank account he opened in the lender’s name, then swiftly transferring the money to his accounts.
Convicted for government property theft, Parvez could face up to 10 years in prison, three years of supervised release, and a fine of up to $250,000. U.S. District Judge Anne M. Nardacci will sentence him on May 2, 2024, considering the specific statute violated, the U.S. Sentencing Guidelines, and other factors. Parvez also agreed to pay $972,564.61 in restitution to the FSA.
Furthermore, the FBI has seized $516,974.54 linked to the stolen federal funds. The U.S. Attorney’s Office’s Asset Recovery Unit has initiated a civil action for the forfeiture of an Albany residential property, bought using approximately $202,675 of the stolen funds.
The FBI conducted the investigation, with support from the U.S. Department of Agriculture Office of Inspector General. Assistant U.S. Attorneys Michael Barnett and Elizabeth Conger are prosecuting and representing the U.S. in the asset forfeiture action, respectively.
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