April 23, 2024
Funds

Albany man admits to stealing $1M in federal funds


ALBANY, N.Y. (NEWS10) — Asjid Parvez, 37, of Albany, pleaded guilty to one count of theft of government property. Parvez faces up to 10 years in prison and three years of post-release supervision.

In pleading guilty, Parvez admitted to stealing nearly $1 million in federal funds from the United States Department of Agriculture’s Farm Service Agency. The FSA provides financial assistance to struggling farmers trying to pay off loans.


Parvez had purchased a Maryland chicken farm in 2014. Instead of using the money to pay off the federally guaranteed farm loan, he used the money for personal expenses and real estate investments.

Parvez opened a bank account in the name of his lender and deposited the check. He then transferred the funds to other accounts he controlled.

Sentencing is scheduled for May 2, 2024. Parvez has agreed to pay $972,564.61 in restitution. Additionally, the FBI seized $516,974.54 in traceable funds. A civil action was also filed for the forfeiture of a residential property in Albany purchased using approximately $202,675 in stolen funds.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *