No.
First of all, "to be parallel to," as has been pointed out, means literally "to be next to but not touching" and figuratively "to be similar to," not "to be associated with."
The road ran parallel to the beach for about five miles.
She was living a life parallel to his own; they attended the same schools, ran with the same crowd, but never met.
Second of all, the most common preposition used with "parallel" in English, as seen in the examples above, is "to," not "with."
Third, the construction you've chosen, which compares one person's name to an abstract concept, is very limiting in its choice of verbs. "Associated with" is one of only a few verbs that can comfortably take a name as a subject and "corruption" as an object in this context.
You can either use this construction, with a verb like "associated":
Now his name is associated with all sorts of corruption.
Or you can use a more parallel construction and have a choice of more colorful language:
Now his name is yoked with Benedict Arnold's as a watchword of corruption.
His corrupt practices are pressed from the same mold as those of other corrupt politicians we have seen over the years.