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Albany, New York - Asjid Parvez, 37, of Albany, has pleaded guilty to one count of theft of government property of nearly $1 million designated for aiding struggling farmers in loan repayments. He faces a maximum of 10 years in prison, 3 years of supervised release, and a fine of up to $250,000. His sentencing is scheduled for May 2, 2024. He has agreed to pay restitution of $972,564.61 to the FSA.

Key Points

• The Inflation Reduction Act of 2022 empowered the United States Department of Agriculture’s Farm Service Agency (FSA) to provide financial assistance to distressed borrowers with federally guaranteed farm loans.
• Asjid Parvez, a borrower who defaulted on a loan for a Maryland chicken farm acquired in 2014, admitted to misappropriating funds received from the FSA.
• In May 2023, Parvez received a United States Treasury check for $972,564.61, which he was obliged to use to repay the defaulted loan. However, he diverted these funds for personal expenses and real estate investments.
• The theft was executed by opening a bank account in the name of Horizon Farm Credit, the lender he owed, which made the account jointly controllable. Parvez is accused of then quickly transferring the funds to other accounts under his control.
• The FBI has seized $516,974.54 traceable to the stolen funds, and a civil action is underway for the forfeiture of a residential property in Albany, purchased with approximately $202,675 of the misappropriated funds.