Massachusetts Man Sentenced to Over One Year in Prison for Bank Fraud

            CONCORD - Kazi Pervez, 42, of Methuen, Massachusetts was sentenced to 12 months and 1 day in federal prison for bank fraud, Acting United States Attorney John J. Farley announced today.

            According to court documents and statements made in court, Pervez was a branch manager for a bank in Salem, New Hampshire.  From at least April of 2016 until September of 2017, Pervez used his position as branch manager to steal or attempt to steal more than $560,000 from the bank.  For example, Pervez opened or instructed bank employees to open accounts in the name of deceased bank customers.  Pervez then withdrew funds from the accounts that exceeded the balance of the accounts and used his authority as branch manager to authorize the overdrafts from the account.  Pervez also identified inactive bank accounts of deceased bank customers and transferred money out of those accounts to other accounts that he controlled. 

            Pervez sometimes transferred the stolen or overdrawn funds directly to accounts at other banks that he controlled or to pay his bills.  Other times, Pervez transferred the funds he stole or overdrew between several accounts in the bank that he controlled before transferring the money to accounts at other banks or to pay his bills.  In total, Pervez stole or fraudulently overdrew about $564,590.02 from other peoples’ bank accounts.  Of that amount, Pervez successfully transferred more than $450,000 to other accounts outside the bank for his personal use.    

            Pervez previously pleaded guilty on March 29, 2021.  In addition to his sentence, Pervez was ordered to forfeit $454,730.26, which will be used for restitution.

            “This defendant took advantage of his position at a bank to steal money from the bank accounts of deceased individuals,” said Acting U.S. Attorney Farley.  “This significant breach of trust is also a serious federal crime.  As this case demonstrates, we work closely with the Secret Service to identify and prosecute white collar criminals and to seek justice for the victims of financial crimes.”

            “The US Secret Service is committed to investigating complex fraud schemes especially those that involve the exploitation of elderly and deceased victims.”  stated Timothy Benitez, Resident Agent in Charge of the U.S. Secret Service’s New Hampshire Office. 

            This matter was investigated by the United States Secret Service.  The case was prosecuted by Assistant U.S. Attorneys Matthew T. Hunter and John Kennedy and former Assistant U.S. Attorney Arnold Huftalen.  Assistant U.S. Attorney Robert Rabuck assisted with the forfeiture aspects of the case.

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