### Former CFA Institute CMO Charged with Embezzling $6 Million for Lavish Lifestyle
Michael Collins, the former chief marketing officer of the CFA Institute, has been charged by the Manhattan District Attorney’s Office with embezzling nearly $6 million from his employers over eight years. Prosecutors allege that Collins, 61, used his executive positions at the CFA Institute and later at education publisher Pearson to funnel money through fake marketing consulting firms, submitting invoices for nonexistent work. The stolen funds reportedly financed an extravagant lifestyle, including luxury purchases, fine dining, travel, and even a $150,000 engagement ring from a high-end jewelry store. Collins, who pleaded not guilty, held senior roles at both companies between 2016 and 2024 before briefly joining fintech firm nCino, which has since severed ties with him.
### Lavish Spending and Fake Companies Revealed in Investigation
According to Manhattan District Attorney Alvin Bragg, Collins allegedly diverted millions to his personal accounts, splurging on executive club memberships, designer brands, and high-end experiences. The scheme involved two fictitious consulting firms that Collins controlled, allowing him to bill his employers for fraudulent services. The CFA Institute, a nonprofit overseeing the prestigious Chartered Financial Analyst certification, confirmed it had been cooperating with authorities since late 2023. Collins earned over $500,000 annually at the CFA Institute before moving to Pearson in 2022. His abrupt departure from Pearson in May 2024 and subsequent short-lived role at nCino raise further questions about the timeline of the alleged embezzlement.
### Fallout and Ongoing Legal Proceedings
Collins’ arrest highlights the risks of financial misconduct in high-profile corporate roles. While the CFA Institute has distanced itself from the scandal, Pearson and nCino have yet to provide detailed statements. The case underscores the importance of stringent financial oversight, particularly in organizations handling large budgets. Collins, who faces serious charges, maintains his innocence, but prosecutors are confident in their evidence, including bank records and invoices. As the legal process unfolds, the case serves as a cautionary tale for companies to enforce stricter controls on executive spending and vendor verification.
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