A former corporate executive from Cohoes has been sentenced to a multi-year term in state prison after orchestrating an elaborate financial scheme that siphoned more than $4 million from his former employer. The extensive theft, carried out over the course of eight years, was driven entirely by a severe substance abuse disorder, according to prosecutors in upstate New York.
Kevin Stevens, 62, received an indeterminate sentence of four to 12 years behind bars during a sentencing hearing in Albany County Court. The proceeding follows his formal guilty plea entered earlier this summer to high-level felony charges, specifically first-degree grand larceny and identity theft. Alongside the mandatory prison sentence, the court mandated that the former executive pay complete restitution to the business he defrauded.
The criminal proceedings, presided over by Albany County Court Judge Christopher Maier, mark the conclusion of what law enforcement officials have characterized as an unprecedented white-collar prosecution. The Albany County District Attorney’s Office confirmed that the multimillion-dollar prosecution represents the single largest grand larceny case ever brought to court by county prosecutors in the history of the office.
Stevens previously served as the chief financial officer for A.E. Rosen Electrical Co., an established commercial entity in the Capital District. Utilizing his high-ranking administrative position and direct oversight of corporate financial operations, Stevens systematically diverted company assets between 2017 and 2025. Over this eight-year span, the cumulative financial loss inflicted on the electrical firm totaled approximately $4.2 million.
An intensive investigation conducted by the New York State Police unraveled the layered mechanics of the embezzlement operation. Investigators discovered that Stevens exploited his access to internal corporate accounts and spending mechanisms, transforming routine administrative resources into an illicit pipeline designed to sustain a persistent crack cocaine habit.
Among the primary methods identified by prosecutors was the fraudulent utilization of company-issued fuel cards. Beginning in 2017, Stevens used these corporate fuel cards to purchase large quantities of retail gift cards. Rather than spending cash directly, he traded these gift cards on the street to acquire crack cocaine, establishing an unconventional barter system to obtain narcotics.
To maintain this drug pipeline, prosecutors revealed that Stevens deliberately bought gift cards possessing a face value significantly higher than the going street price of the illicit substances. This premium allowed him to exchange the prepaid merchant cards in place of physical currency, relying entirely on the electrical contractor's corporate credit lines to secure continuous deliveries of drugs.
The scheme extended beyond corporate credit lines and retail gift cards into direct manipulation of company banking accounts. Prosecutors documented instances in which Stevens wrote corporate checks payable directly to himself, drawing substantial liquid assets directly out of the enterprise's operational funds to maintain personal access to cash.
To prevent the ongoing losses from being detected by internal auditors and corporate leaders, Stevens engaged in systemic accounting fraud. As chief financial officer, he prepared and delivered falsified financial documentation and deceptive ledger reports to the business's outside independent accounting firm, successfully masking the multi-million-dollar discrepancy across several fiscal cycles.
The long-running criminal enterprise ultimately collapsed as state law enforcement intervened, leading to Stevens' formal plea agreement in June. Following the announcement of the sentencing outcome, representatives for A.E. Rosen Electrical Co. did not immediately provide public comment regarding the conclusion of the criminal case or the restitution order.
During the courtroom proceedings, Stevens addressed the bench directly to convey remorse for the harm inflicted upon his former workplace, his colleagues, and his personal circle. Standing before the judge, the defendant offered apologies to his family, friends, and co-workers, openly attributing the total breakdown of his professional career and ethical conduct to the grips of substance dependency.
Stevens acknowledged the transformative and destructive nature of his addiction during his allocution, telling the court that his criminal actions were committed exclusively to feed his dependency. He emphasized how profoundly the substance abuse had altered his character, stating to the court that the ongoing addiction had completely changed the person he once was.
In delivering the sentence, Judge Maier observed the personal challenges underpinning the case while noting that the defendant had initiated positive steps toward addressing his conduct and pursuing rehabilitation prior to the final disposition. The judge offered words of caution and encouragement regarding long-term recovery and personal accountability.
Addressing Stevens from the bench, Judge Maier referenced traditional principles of recovery, reminding the former executive that individuals often remain vulnerable when harboring concealed struggles. Emphasizing the necessity of radical honesty and a steadfast support structure, the judge noted that maintaining an open, sober support network serves as the true remedy for overcoming long-standing destructive behaviors.
The resolution of the historic case concludes an eight-year breach of corporate trust that carried profound financial ramifications for the local firm. Following the formal pronouncement of the four-to-12-year prison term, Stevens was remanded to begin serving his time in the state correctional system, carrying a permanent restitution obligation for the full $4.2 million taken during his tenure.
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