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Justice News

Department of Justice
U.S. Attorney’s Office
Eastern District of New York

Thursday, September 6, 2018

Former CFO of Long Island Real Estate Company Arrested for Multi-Million Dollar Embezzlement Scheme

Defendant Allegedly Stole More Than $3.5 Million from The Mulholland Group to Fund His Lavish Lifestyle

A criminal complaint was unsealed today in federal court in Central Islip charging Kwesi T. Bovell with wire fraud during his tenure as chief financial officer of The Mulholland Group, a real estate company located in Manhasset, Long Island (hereinafter Mulholland).  The complaint alleges that Bovell stole over $3.5 million from Mulholland during his three years there.  Bovell was arrested today, and his initial appearance is scheduled for this afternoon before United States Magistrate Judge A. Kathleen Tomlinson.

Richard P. Donoghue, United States Attorney for the Eastern District of New York, and William F. Sweeney, Jr., Assistant Director-in-Charge, Federal Bureau of Investigation, New York Field Office (FBI), announced the charges.

As alleged in court filings, Bovell had signature authority over multiple bank accounts of Mullholland, and since December 2015, fraudulently transferred more than $3.5 million from those accounts to his own corporate entity, Southgate Holding L.L.C.  Bovell used the stolen funds to purchase two homes, including an apartment in Manhattan, and luxury goods.  The government’s investigation was prompted, in part, by complaints from Mulholland that between January 2018 and August 2018, Bovell spent approximately $145,000 on unauthorized personal expenditures using Mulholland’s Platinum American Express Card. 

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

“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,” stated FBI Assistant Director-in-Charge Sweeney.  “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.”

The charges in the complaint are allegations, and the defendant is presumed innocent unless and until proven guilty.

The government’s case is being handled by the Office’s Long Island Criminal Division.  Assistant United States Attorney Charles P. Kelly is in charge of the prosecution.

The Defendant:

Age:  35
Valley Stream, New York,

E.D.N.Y. Docket No. MJ-18-813

Financial Fraud
John Marzulli Tyler Daniels United States Attorney’s Office (718) 254-6323
Updated September 6, 2018