Asjid Parvez, a 38-year-old resident of Albany, has been sentenced to 18 months in prison for embezzling nearly $1 million in federal funds intended to assist struggling farmers in repaying their loans.
This sentence, announced today by United States Attorney Carla B. Freedman and Craig L. Tremaroli, Special Agent in Charge of the Albany Field Office of the Federal Bureau of Investigation (FBI), underscores the seriousness of Parvez’s crime.
In 2022, the United States Department of Agriculture’s Farm Service Agency (FSA), empowered by the Inflation Reduction Act, initiated a program to help distressed borrowers who had defaulted on federally guaranteed farm loans.
Parvez was one of these borrowers, having defaulted on a loan used to purchase a Maryland chicken farm in 2014.
In May 2023, Parvez received a United States Treasury check for $972,564.61 from the FSA. This amount was intended to pay off his defaulted loan.
However, instead of using the funds as directed, Parvez chose to divert the money for personal use and real estate investments.
He executed this scheme by opening a bank account in the name of his lender, depositing the Treasury check, which was made payable to both him and the lender, into that account, and then swiftly transferring the funds to other accounts under his control.
According to the press release from the U.S. Attorney’s Office, Parvez’s fraudulent activities did not go unnoticed.
In addition to his prison sentence, United States District Judge Anne M. Nardacci has ordered Parvez to serve three years of supervised release after his imprisonment and to pay $972,564.61 in restitution to the FSA.
The FBI, with the support of the United States Department of Agriculture Office of Inspector General, conducted a thorough investigation into Parvez’s activities. The investigation revealed that Parvez had used the stolen funds to cover personal expenses and finance real estate ventures.
The FBI managed to recover $516,974.54 of the misappropriated funds, and the U.S. Attorney’s Office’s Asset Recovery Unit has filed a civil action to seize a residential property in Albany purchased with approximately $202,675 of the stolen money.
The case was prosecuted by Assistant U.S. Attorney Michael Barnett, with Assistant U.S. Attorney Elizabeth Conger representing the United States in the ongoing asset forfeiture proceedings.
The actions taken by the FBI and the U.S. Attorney’s Office highlight the federal government’s commitment to holding individuals accountable for defrauding public programs and misusing taxpayer funds.
This case serves as a stark reminder of the importance of vigilance and accountability in the administration of federal assistance programs.
It also underscores the severe consequences for those who attempt to exploit these programs for personal gain.
