A former senior corporate executive residing in Cohoes has been sentenced to serve between four and 12 years in New York state prison after embezzling more than $4 million from his former workplace, a sweeping multi-year financial theft that was driven by an addiction to crack cocaine, law enforcement authorities confirmed.
The formal sentencing of 62-year-old Kevin Stevens occurred in Albany County Court before presiding Judge Christopher Maier. The judicial proceeding marked the culmination of a major criminal case that unfolded following Stevens’ admission of guilt earlier in the summer regarding severe felony offenses committed during his employment as a chief financial officer.
According to an announcement released on Wednesday by the Albany County District Attorney’s Office, Stevens entered a formal guilty plea in June to counts of first-degree grand larceny and identity theft. Alongside the state prison term handed down by Judge Maier, the court ordered Stevens to pay full financial restitution to make his former company whole.
Prosecutors handling the matter emphasized the unprecedented magnitude of the financial diversion, noting that the multi-million-dollar scheme stands as the single largest grand larceny case that the Albany County District Attorney's Office has ever prosecuted in its institutional history.
The unauthorized siphoning of corporate capital spanned an eight-year timeframe, beginning in 2017 and persisting through 2025. A comprehensive criminal investigation spearheaded by the New York State Police established that Stevens unlawfully diverted approximately $4.2 million from the company over the course of that extended period.
Prior to his criminal prosecution and sentencing, Stevens worked as the chief financial officer for A.E. Rosen Electrical Co. His high-ranking executive position at the electrical contractor gave him significant internal oversight and administrative access regarding the organization's corporate accounts, financial procedures, and payment systems.
According to prosecutors and investigative findings, Stevens conducted the extensive financial scheme for the express purpose of funding an ongoing crack cocaine dependency, funneling millions of dollars away from the electrical firm to maintain his access to illegal narcotics over nearly a decade.
To convert corporate funds into illicit drugs, Stevens established an unconventional procurement method utilizing the company's resources. Beginning in 2017, the former executive began using A.E. Rosen Electrical Co. fuel cards to purchase retail gift cards, which he subsequently used as currency to trade directly for crack cocaine.
Prosecutors revealed that Stevens intentionally purchased gift cards that carried financial values exceeding the actual street value of the illegal drugs he sought to obtain. By acquiring higher-value gift cards, he was able to successfully negotiate trades for crack cocaine using the cards themselves rather than having to handle cash transactions.
In addition to the fuel card and gift card operation, Stevens utilized other deceptive financial avenues to siphon funds from the business. Investigators determined that he also wrote and issued company checks directly to himself, providing another illicit stream of corporate money to fund his personal drug habit.
To conceal the mounting losses from corporate scrutiny and maintain the ongoing scheme, Stevens took active measures to deceive external financial auditors. Prosecutors stated that he generated and submitted fraudulent, falsified financial reports directly to the electrical company’s outside accounting firm.
During his sentencing appearance in Albany County Court, Stevens directly addressed the bench and expressed remorse for his unlawful conduct. In a statement detailed by the district attorney’s office, the defendant offered apologies to his family, his personal friends, and his former colleagues at the business.
Stevens acknowledged the destructive role that substance abuse played in driving his illicit actions, explaining the motivation behind his prolonged embezzlement. "The crimes I committed were all for the sole purpose of fueling my addiction," Stevens stated during the court proceeding, adding that the dependency "completely changed the man I was."
While issuing the prison sentence, Judge Maier observed in open court that he was encouraged by the constructive steps Stevens had already undertaken in an effort to address his personal behavior and confront his substance abuse challenges.
Addressing Stevens from the bench, Judge Maier referenced a well-known recovery concept regarding openness and personal accountability. "There's a saying that I'm sure you're familiar with, and it's that you're only as sick as your secrets," Maier said during the proceeding, emphasizing that maintaining honesty within a dedicated sober support network serves as the true antidote to personal struggles.
Following the sentencing hearing and the official release from the district attorney's office, representatives from A.E. Rosen Electrical Co. did not immediately respond to requests seeking comment on the judicial outcome or the restitution order. Stevens will now begin serving his four to 12-year sentence in state custody.
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