A former corporate financial officer from Cohoes has been sentenced to serve four to 12 years in New York State prison after executing an extensive multi-million-dollar theft against his former employer. Kevin Stevens, who formerly directed internal finances as chief financial officer for A.E. Rosen Electrical Co., received the state prison term following revelations that he diverted roughly $4.2 million in corporate capital to sustain a severe crack cocaine addiction.
The sentencing took place in Albany County Court before Judge Christopher Maier, concluding a high-profile white-collar investigation managed by local prosecutors and state law enforcement. Stevens, 62, had previously tendered formal guilty pleas in June to felony charges of first-degree grand larceny and identity theft, acknowledging an eight-year campaign of unlawful misappropriation from the regional electrical enterprise.
Alongside the multi-year incarceration mandate, the court entered an order requiring Stevens to make complete financial restitution to A.E. Rosen Electrical Co. to compensate for the missing funds. Prosecuting attorneys from the Albany County District Attorney's Office emphasized the unprecedented magnitude of the financial crime, designating the matter as the single largest grand larceny case ever brought to prosecution in the history of the county office.
The fraudulent conduct first came to light through a comprehensive inquiry overseen by the New York State Police. Law enforcement investigators documented a continuous, structured pattern of illicit financial maneuvers that Stevens carried out across an extended timeline stretching from 2017 through 2025, during which he maintained authoritative control over corporate ledgers and accounts.
According to investigative findings released by the district attorney’s office, a foundational component of Stevens's embezzlement involved the calculated exploitation of commercial fuel privileges. Beginning in 2017, the former executive began using company-issued fuel charge cards to purchase substantial quantities of retail gift cards at authorized commercial vendors.
Stevens then converted those gift cards directly into illicit narcotics, trading them to obtain crack cocaine. Prosecutors noted that Stevens systematically acquired retail gift cards valued well above the regular street price of the drugs he obtained, offering a premium in merchant card value so that distributors would accept the electronic retail cards in lieu of physical cash transactions.
In addition to converting company fuel accounts into retail gift cards, Stevens devised direct financial channels to extract liquid capital from the business. State Police investigators determined that he repeatedly generated and signed corporate checks made out directly to himself, drawing funds straight from enterprise bank reserves without authorization.
To shield the multi-million-dollar deficits from internal discovery, Stevens leveraged his executive position to systematically deceive external financial oversight. He manufactured and provided falsified budgetary documentation and altered accounting reports to the independent accounting firm contracted by A.E. Rosen Electrical Co., concealing the systemic depletion of company assets over several fiscal cycles.
During his appearance at the sentencing hearing, Stevens addressed the bench to formally articulate remorse for his extensive criminal actions. In his remarks to the court, the former executive offered public apologies to his family members, personal acquaintances, and former workplace colleagues whose trust had been compromised by his prolonged deceptive behavior.
Stevens openly acknowledged the underlying factor driving the protracted theft, stating that every unlawful action he undertook was executed with the sole intention of feeding his chemical dependency. He admitted to the court that the prolonged addiction to crack cocaine had profoundly altered his character, completely changing the man he used to be.
Judge Maier recognized the defendant’s candor during the courtroom proceedings, noting that the bench found encouragement in the proactive steps Stevens had initiated to confront his personal conduct and address his substance abuse issues prior to the formal disposition of the case.
Addressing the defendant on the mechanics of long-term recovery and personal accountability, Judge Maier reflected on a familiar adage within addiction treatment circles, reminding Stevens that an individual remains only as sick as the secrets they keep. The judge stressed that building and maintaining open honesty within a sober support network serves as the ultimate remedy for overcoming severe behavioral issues.
Representatives for A.E. Rosen Electrical Co. did not provide immediate comment regarding the court’s sentencing decision or the finalized restitution judgment on Wednesday following the conclusion of the legal proceedings.
The conclusion of the landmark case draws a close to the most substantial financial theft prosecution on record in Albany County. The state prison sentence and full restitution mandate bring formal legal closure to an eight-year executive fraud scheme that compromised millions in commercial resources under the influence of severe substance abuse.
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