A former corporate executive from Cohoes has received a multi-year state prison sentence after siphoning more than $4 million from his employer during an extended scheme driven by an illicit drug addiction, law enforcement authorities confirmed.
Kevin Stevens, 62, who previously served as the chief financial officer for A.E. Rosen Electrical Co., was ordered to serve between four and 12 years behind bars following a hearing in Albany County Court. In addition to the prison term, the court mandated that the former executive make full financial restitution to the electrical contractor to repay the stolen funds.
The sentencing handed down by Judge Christopher Maier concludes a high-profile criminal case that culminated when Stevens entered a guilty plea in June. During that court appearance, the defendant admitted to felony charges of first-degree grand larceny and identity theft in connection with the extensive fraud.
According to prosecutors from the Albany County District Attorney’s Office, the total financial losses suffered by the business amounted to approximately $4.2 million. The illicit activity occurred across an eight-year period, spanning continuously from 2017 until 2025, when the misconduct was finally halted.
A thorough investigation conducted by the New York State Police unraveled the mechanisms behind the prolonged theft. Investigators determined that Stevens leveraged his senior executive authority and oversight of company accounts to systematically divert commercial assets into personal financial gains.
Central to the operation was a distinctive method of purchasing and exchanging commercial assets. Prosecutors revealed that beginning in 2017, Stevens regularly utilized company-issued fuel cards to buy high-value gift cards. Rather than using these cards for legitimate business operational expenses, he channeled them directly toward funding his narcotics habit.
Investigators explained that Stevens utilized the retail gift cards as a direct trading mechanism to obtain crack cocaine. To facilitate these illicit transactions without drawing the immediate scrutiny associated with large cash withdrawals, Stevens deliberately acquired gift cards with face values exceeding the street price of the drugs, allowing him to trade the cards directly for narcotics.
The fuel card manipulation represented only a portion of the broader fraudulent operation. Stevens also abused his executive position by generating unauthorized company checks written out to himself, providing him with direct access to substantial liquid funds drawn straight from commercial business accounts.
To keep the missing millions hidden from internal management and external oversight, the former CFO actively covered his tracks through fabricated bookkeeping. Prosecutors stated that Stevens routinely drafted and presented falsified financial statements and altered records to the independent accounting firm tasked with evaluating the company's financial health.
The sheer scale of the embezzlement makes the case a historic milestone for regional law enforcement. The Albany County District Attorney’s Office noted that this multi-million dollar prosecution represents the single largest grand larceny case ever handled by the agency.
Representatives for A.E. Rosen Electrical Co. did not immediately provide a formal public statement or reply to requests for comment following the sentencing announcement in Albany County Court.
During the courtroom proceedings, Stevens addressed the bench to express deep personal remorse for the widespread harm caused by his actions. The former finance officer delivered direct apologies to his family members, personal friends, and the former workplace colleagues who were affected by the prolonged deception.
Stevens candidly told the court that the motivation behind his unlawful conduct was rooted entirely in his substance abuse disorder. He noted that the entirety of the crimes he carried out served the singular objective of sustaining his crack cocaine addiction, explaining to the court that the severe dependency had fundamentally altered his character and life.
In addressing the defendant prior to imposing the sentence, Judge Maier observed that Stevens had initiated constructive measures to confront his behavior and substance dependency before the formal conclusion of the case. The judge expressed encouragement regarding the proactive steps already taken toward personal rehabilitation.
Judge Maier also underscored the critical role that complete transparency plays in maintaining recovery, referencing the well-known recovery adage that individuals are only as sick as the secrets they keep. The judge emphasized that maintaining an honest relationship with a dedicated, sober support network serves as the true remedy for navigating personal struggles and staying accountable.
With the legal proceedings concluded, Stevens begins his term of four to 12 years in state custody while remaining legally obligated to repay the complete $4.2 million sum taken from his former employer throughout the eight-year scheme.
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