ALBANY, N.Y. — A former corporate executive from Cohoes has been handed a significant prison sentence after orchestrating a multi-million-dollar embezzlement scheme designed to finance a severe narcotics addiction. Kevin Stevens, 62, who previously served as the chief financial officer for A.E. Rosen Electrical Co., received a term of four to 12 years in state prison following an extensive criminal probe into his systemic misappropriation of company funds.
The formal sentencing took place in Albany County Court before Judge Christopher Maier. The judicial decision follows Stevens’s plea agreement entered in June, during which he formally pleaded guilty to top-level felony charges comprising first-degree grand larceny and identity theft. The resolution brought a definitive close to the criminal proceedings concerning his unauthorized diversion of corporate capital over an eight-year span.
In addition to the multi-year term of incarceration, Judge Maier ordered the former executive to pay full financial restitution to his former employer. The Albany County District Attorney’s Office highlighted the historic magnitude of the case, confirming that the $4.2 million theft represents the largest single grand larceny prosecution ever brought forward by the county’s prosecuting office.
The extensive criminal scheme was uncovered following a comprehensive investigation conducted by the New York State Police. Law enforcement investigators determined that Stevens’s fraudulent conduct stretched continuously from 2017 through 2025, during which time he repeatedly exploited his fiduciary authority and corporate financial tools to illicitly siphon millions from company accounts.
According to detailed evidence presented by county prosecutors, Stevens devised an intricate method to transform corporate credit lines into illicit substances. Starting in 2017, the former chief financial officer began systematically utilizing corporate fuel cards belonging to A.E. Rosen Electrical Co. to purchase commercial gift cards rather than standard vehicle supplies or authorized company expenses.
Rather than attempting to convert those cards into cash, Stevens traded the gift cards directly to acquire crack cocaine. Prosecutors revealed that Stevens deliberately bought gift cards with balances exceeding the actual street value of the narcotics. This calculated strategy enabled him to secure the illegal drugs without handling physical cash during the transactions, thereby concealing his illicit narcotics pipeline.
The fraudulent acquisition of gift cards via fuel accounts represented only one element of the broader financial operation. Prosecutors documented that Stevens also abused his administrative authority by issuing company checks payable directly to himself, providing ongoing, uninhibited cash withdrawals drawn straight from the electrical firm’s corporate accounts.
To conceal the severe financial losses suffered by the business, Stevens maintained a persistent layer of administrative deception. As part of his executive duties, he compiled and submitted falsified financial statements and reports to the company's external accounting firm, successfully masking the missing funds and avoiding regulatory detection for the better part of a decade.
The executive position of chief financial officer had granted Stevens broad oversight regarding organizational bookkeeping, account management, and internal balance reviews. Investigators found that this high degree of corporate trust allowed the unauthorized withdrawals, fabricated ledgers, and check issuances to continue across multiple fiscal years before the anomalies were finally identified.
During the court proceedings, Stevens addressed the bench directly to express his remorse regarding the extensive damage resulting from his actions. The district attorney's office noted in a public release that Stevens issued formal apologies to his family, his personal friends, and the former colleagues whom he had compromised throughout the multi-year operation.
In his address before the court, Stevens openly attributed his criminal conduct to his overwhelming substance dependency. He explained that his actions were driven entirely by his need to maintain his drug habit, stating that the crimes he committed were all for the sole purpose of fueling his addiction and acknowledging that the narcotics dependency had completely changed the man he was.
In delivering the sentence, Judge Maier recognized the destructive personal toll of the defendant’s addiction while underscoring the necessity of judicial accountability. The judge remarked that he felt encouraged by the fact that Stevens had already begun taking proactive measures to confront and address his behavior leading up to the sentencing.
Judge Maier offered guidance grounded in substance recovery principles, invoking a familiar recovery adage regarding the critical danger of concealment during rehabilitation. The judge reminded Stevens that an individual is only as sick as their secrets, emphasizing to the former executive that maintaining an honest relationship with a sober support network remains the true antidote to personal and behavioral turmoil.
Following the formal announcement of the sentence by prosecutors on Wednesday, representatives for A.E. Rosen Electrical Co. did not immediately provide a statement or respond to inquiries regarding the conclusion of the case against their former financial officer.
With the imposition of the state prison sentence and the comprehensive restitution requirement, the landmark embezzlement case has reached its final legal conclusion. Stevens now begins his term of four to 12 years behind bars, concluding the largest theft prosecution in the history of the Albany County District Attorney's Office.
(0)