CFO Of LI Real Estate Firm Embezzled Millions: Prosecutors

The former CFO of a Long Island real estate company was arrested on Thursday and charged with embezzling more than $3.5 million in the three years he worked there.

Kwesi T. Bovell, 35, of Valley Stream, allegedly stole millions from the Mulholland Group, a real estate company located in Manhasset. Bovell is charged with wire fraud for his alleged crimes.

“As alleged in the complaint, Bovell abused his authority as a CFO, using the company like an ATM machine to fund a lavish lifestyle,” said United States Attorney Richard Donoghue. “Today’s arrest should put fraudsters like the defendant on notice that this office will hold them accountable for such criminal conduct.”

As part of his position, Bovell had signature authority over multiple bank accounts of the business. Prosecutors say that, since December 2015, Bovell transferred more than $3.5 million from those accounts to his own corporation, Southgate Holdings LLC. Prosecutors say that Bovell used the money to purchase two homes, including an apartment in Manhattan, and luxury goods.

The investigation was started after Mulholland filed complaints stating that, between January and August of this year, Bovell spent about $145,000 on unauthorized personal expenses on a company credit card.

“We all want to win the lottery and live lavish lifestyles. However, Mr. Bovell allegedly decided he would rather just take millions of dollars that wasn’t his, and buy the lifestyle he wanted,” FBI Assistant Director-in-Charge William Sweeney said. “The FBI works tirelessly to track down criminals regardless of how high up the thief sits in a company, and to serve justice on those who believe no one is watching.”

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