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Kwesi Bovell, 36, of Valley Stream, the former chief financial officer of the Mulholland Group in Manhasset, pleaded guilty at the federal courthouse in Central Islip to one count of wire fraud in connection to his embezzlement of millions of dollars from his employer over the course of three years.
When he is sentenced, Bovell faces up to 20 years in prison, a fine and will have to pay restitution, U.S. Attorney Richard Donoghue said.
Bovell was hired in 2015 as the CFO of Mulholland, and was given signature authority over multiple bank accounts of the company and its subsidiaries. Over the course of the next three years, Bovell admitted to fraudulently transferring more than $3.5 million from Mulholland to his own company, Southgate Holding.
Donoghue said that Bovell then used the stolen funds to support two laundromats and a fitness center that he owned, as well as purchasing luxury goods.
The U.S. Attorney said, “with today’s guilty plea, Bovell has been held responsible for betraying his employer’s trust by stealing millions of dollars to benefit himself, from the time he was hired until the discovery of his fraud.”
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