Cohoes CFO Stole $4.2M From Employer to Buy Crack Cocaine

How a Trusted Financial Executive Turned Company Funds Into a Drug Habit That Lasted Nearly a Decade

The Cohoes CFO stole millions from his employer in what prosecutors are calling the largest grand larceny case ever handled by the Albany County District Attorney’s Office. Kevin Stevens, 62, pleaded guilty this week to stealing more than $4.2 million from A.E. Rosen Electrical Company, where he served as chief financial officer, using the stolen funds to purchase gift cards that he then exchanged for crack cocaine. The case is a stunning fall from grace for a man who spent decades in trusted financial roles across New York State.

A Decade of Deception at A.E. Rosen Electrical

Stevens worked as CFO at A.E. Rosen Electrical Company from February 2015 through February 2025, according to his LinkedIn profile. The company provides commercial, industrial, maintenance, and large-scale residential electrical construction across upstate New York. Founded by Ed Rosen in 1977, the business employs more than 100 people and has built a strong reputation across the region.

According to the Times Union, Stevens began stealing from the company in January 2017. He continued the scheme until January 2025, when State Police arrested him. Investigators initially believed the theft started in 2019, but the full scope of the fraud stretched back even further.

Stevens used fuel cards belonging to A.E. Rosen to purchase gift cards at inflated values. He then exchanged those gift cards for crack cocaine on the street. By purchasing gift cards worth more than the street value of the drugs, he avoided using cash directly, which helped him avoid detection for years.

False Ledgers and Fake Financial Reports

Stevens did not simply steal and hope no one noticed. He actively worked to cover his tracks. Prosecutors said he created and submitted false ledgers and financial reports to the company’s outside accounting firm. That firm then used those fraudulent documents to produce annual financial statements for the company.

“To further conceal his embezzlement, Stevens created and submitted false ledgers and financial reports to the company’s accounting firm. The accounting firm would issue annual financial statements based on these false reports.” — Albany County District Attorney’s Office

In addition to the gift card scheme, Stevens also issued unauthorized checks to himself from company accounts. These checks were not approved by anyone at the company, and Stevens had no legitimate claim to those funds. The combination of fake reports and unauthorized withdrawals allowed the scheme to continue for nearly eight years.

How the Cohoes CFO Scheme Was Finally Uncovered

The fraud did not unravel through a dramatic whistleblower moment. Instead, it was a careful review of financial documents that brought it to light. Assistant District Attorney Matt Peluso, who leads the Albany County District Attorney’s financial crimes bureau, said the company’s accountant identified inconsistencies in the financial statements.

Those inconsistencies triggered a deeper investigation. Once investigators began pulling on that thread, the full scale of the theft became clear. Prosecutors confirmed that they do not believe anyone else was involved in the scheme. Stevens, it appears, acted entirely alone.

Furthermore, the case highlights how difficult it can be to detect financial fraud when the person committing it is also the person responsible for producing the financial records. Stevens was uniquely positioned to manipulate the data because of his role as CFO.

Stevens’ Professional Background

Before joining A.E. Rosen Electrical, Stevens held controller roles at various New York-based companies for more than 20 years. He had a long career in financial management, which made him appear to be a trustworthy and experienced hire. His professional background likely made it easier for the company to grant him the level of access that he ultimately abused.

This pattern is unfortunately common in financial crime cases. According to the Association of Certified Fraud Examiners, trusted employees with long tenures and senior roles are responsible for a disproportionate share of occupational fraud losses. The longer the tenure, the greater the potential damage.

The Charges and What Stevens Now Faces

Stevens pleaded guilty on Tuesday to two felony charges in Albany County Court. The charges are first-degree grand larceny and first-degree identity theft. He entered his plea before visiting Troy City Court Judge Christopher Maier.

He faces up to 12 years in prison when he is sentenced on September 9. Additionally, he will be required to pay restitution to A.E. Rosen Electrical Company. However, prosecutors noted that Stevens likely does not have the assets to make any meaningful restitution before his sentencing date.

Stevens will remain free on bail until sentencing. The restitution requirement means the company may recover some funds eventually, but with more than $4.2 million stolen over nearly eight years, full recovery seems unlikely.

Albany County’s Largest Grand Larceny Case

The Albany County District Attorney’s Office confirmed that this is the largest grand larceny case the office has ever prosecuted. That distinction underscores just how significant this case is, not only for the Mohawk Valley and Capital Region but for the entire state.

Moreover, the case serves as a warning to businesses across upstate New York. Even trusted executives with decades of experience can pose serious financial risks when proper oversight systems are not in place. Consequently, many business experts recommend regular independent audits and separation of financial duties to reduce the risk of internal fraud.

What This Case Means for Upstate New York Businesses

The Stevens case raises serious questions about financial oversight at small and mid-sized businesses. A.E. Rosen Electrical is not a small operation. With more than 100 employees and decades of work across upstate New York, it is a significant regional employer. Yet the company’s financial controls were not strong enough to catch a fraud that lasted nearly eight years.

Small and mid-sized businesses often rely heavily on a single trusted financial officer. That trust, while understandable, can create blind spots. When one person controls both the financial records and the reporting process, the opportunity for fraud increases significantly.

The U.S. Small Business Administration recommends that businesses of all sizes implement internal controls such as dual authorization for large transactions, regular third-party audits, and separation of duties between employees who handle money and those who record transactions.

The Role of Addiction in Financial Crime

It is worth noting that crack cocaine addiction appears to have been the driving force behind Stevens’ actions. Addiction does not excuse theft or fraud, but it does help explain how a person with a long professional career can make decisions that destroy everything they have built.

According to the Substance Abuse and Mental Health Services Administration, substance use disorders affect millions of Americans across all income levels and professional backgrounds. The connection between addiction and financial crime is well-documented, and cases like this one illustrate why early intervention and treatment access matter.

Meanwhile, the victims in this case are the employees and owners of A.E. Rosen Electrical, who trusted Stevens with their company’s finances and are now left dealing with the fallout of his actions.

Community Impact and the Road Ahead

For the Cohoes community and the broader Capital Region, this case is a sobering reminder that financial crime can happen anywhere, at any level of an organization. Cohoes is a small city with a tight-knit community, and cases like this one ripple outward, affecting families, employees, and local businesses that depend on companies like A.E. Rosen.

A.E. Rosen Electrical has not issued a public statement about the case. However, the company’s continued operation suggests it is working to move forward. The business has been a part of upstate New York’s construction and electrical industry for nearly 50 years, and its resilience will be tested in the months ahead.

For more coverage of financial crime and community news across the Capital Region and Mohawk Valley, visit our local news section. You can also explore our crime and justice coverage for the latest updates on cases affecting our region.

Stevens’ sentencing is scheduled for September 9. At that point, the court will determine his final prison term and the conditions of his restitution order. The Albany County District Attorney’s Office has indicated it will continue to pursue financial crimes aggressively across the region.

Key Facts at a Glance

• Kevin Stevens, 62, of Cohoes, pleaded guilty to first-degree grand larceny and first-degree identity theft.
• Stevens stole more than $4.2 million from A.E. Rosen Electrical Company between January 2017 and January 2025.
• He used company fuel cards to buy gift cards, which he exchanged for crack cocaine.
• Stevens created false financial reports to conceal the theft from the company’s accounting firm.
• This is the largest grand larceny case ever prosecuted by the Albany County District Attorney’s Office.
• Stevens faces up to 12 years in prison and must pay restitution to the company.
• Sentencing is scheduled for September 9 in Albany County Court.

A Call for Stronger Financial Oversight

The Stevens case is a call to action for businesses across the Mohawk Valley and upstate New York. No company should rely on a single person to control all aspects of its financial reporting. Regular independent audits, clear internal controls, and separation of duties are not just best practices. They are essential safeguards against the kind of long-running fraud that devastated A.E. Rosen Electrical.

If you are a business owner or manager in the Capital Region, now is the time to review your financial oversight systems. Contact a certified public accountant or a fraud prevention specialist to assess your vulnerabilities. The cost of prevention is always far less than the cost of recovery.

Sources & References

This article was compiled and fact-checked using the following sources:

• Times Union – Primary reporting on Kevin Stevens’ guilty plea, the details of the embezzlement scheme, and statements from the Albany County District Attorney’s Office.
• Association of Certified Fraud Examiners – Data and context on occupational fraud patterns and trusted employee risk profiles.
• Substance Abuse and Mental Health Services Administration (SAMHSA) – Background on the connection between substance use disorders and financial crime.
• U.S. Small Business Administration – Guidance on internal financial controls and fraud prevention for small and mid-sized businesses.

Sources consulted: Times Union, Association of Certified Fraud Examiners, SAMHSA, U.S. Small Business Administration

Sources & References

This article was compiled from the following sources. Readers are encouraged to verify information through the original reporting.

• Cohoes CFO pleads guilty to stealing $4.2M to fund crack cocaine purchases – Times Union

Sources consulted: Times Union