The former chief financial officer of a Long Island real-estate company has been busted for embezzling more than $3.5 million from the business, federal authorities said Thursday.
Kwesi Bovell allegedly pocketed the Mulholland Group cash from December 2015 to August 2018, and blew it on two homes, including a Manhattan apartment.
Bovell, 35, had signature authority on multiple company accounts, and over three years transferred funds into a sham entity he’d set up to try and cover his tracks, prosecutors said.
In addition to the transfers, the Valley Stream man is accused of racking up $145,000 in unauthorized personal charges on the Mulholland Platinum American Express Card.
He was awaiting arraignment in Central Islip federal court.
“As part of the coverup of his fraud, Bovell created fake bank statements to mislead individuals about the amounts remaining in various bank accounts that he had looted,” court papers charge.
US Attorney Richard Donoghue said in a statement that Bovell “us[ed] the company like an ATM machine,” adding he hoped Bovell’s bust would “put fraudsters on notice.”