Massive Embezzlement Scheme Busted In Cohoes, New York

What is it about New York's Capital Region and driving people to embezzle large sums of money? I feel like this is the 50th embezzlement scheme I've written about this month alone.

Many of these have involved outside parties scamming major corporations out of their money, but this one was more of an inside job...

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Four Years of Treachery

This all starts with a man named Kevin J. Stevens, a 61 year old from Cohoes, New York. He was the Chief Financial Officer of A.E. Rosen Electrical Co., Inc. As the CFO, he had intimate knowledge and access to the company's finances, which he was able to use to his advantage.

From September 1, 2019 to February 4, 2025, Stevens used his position and connections through it to embezzle over $4 Million from the company. Effectively, he used the company as his own personal piggy bank, using others hard-earned money to fund his lifestyle.

How Did it Shake Out?

On January 21st, 2026, Stevens was finally arrested by New York State Police Special Investigations Unit Financial Crimes Unit. He was arraigned in Albany City Court, and is being held with a $50,000 cash or $100,000 bond.

He faces the following charges:

• Grand Larceny 1st Degree (Class B felony)
• Identity Theft 1st Degree
• Conspiracy 4th Degree
• Falsifying Business Records 1st Degree
• Forgery 2nd Degree

He will be prosecuted by Albany County District Attorney’s Office, and is facing real jail time for his crimes against his business and the city of Albany as a whole. His court date is currently not set.