Prosecutors say the CFA Institute's former marketing chief embezzled millions and bought a $150k engagement ring

The Manhattan district attorney's office said Michael Collins, 61, used the funds he stole to buy a $150,000 engagement ring from a boutique jewelry store (not pictured).Anastasia Babenko via Getty ImagesMichael Collins, 61, was a marketing executive at the CFA Institute and Pearson from 2016 to 2024.The Manhattan district attorney's office said he embezzled nearly $6 million from his employers.Prosecutors said he created two fictitious companies to submit invoices for "non-existent work."The Manhattan district attorney's office said on Monday that it had charged the CFA Institute's former chief marketing officer for embezzling millions. Prosecutors said he used the money to splurge on club memberships and luxury goods.Manhattan District Attorney Alvin Bragg said in a statement on Monday that Michael Collins, 61, "used his position as a marketing executive to embezzle nearly $6 million from two of his employers over the course of 8 years." Collins pleaded not guilty to the charges.The embezzlement took place between 2016 and 2024, the statement said, citing court documents and statements made on record.Collins was the chief marketing officer at the CFA Institute from 2016 to 2022 and a senior vice president for marketing and customer acquisition at education-focused publisher Pearson from 2022 to 2024, per his LinkedIn profile.The CFA Institute is a nonprofit that administers the Chartered Financial Analyst exams. The qualification is widely regarded as one of the most prestigious and rigorous certifications in finance. Collins was paid over $500,000 in 2022, per the CFA Institute's tax filing.Representatives for Collins, the CFA Institute, and the Manhattan district attorney's office did not respond to requests for comment from Business Insider.Collins "allegedly used the stolen money to fund his lavish lifestyle, spending it on executive club memberships, luxury brands, fine dining, and extensive travel," Bragg said in his statement on Monday.The Manhattan district attorney's office said Collins stole the funds by registering and controlling two fictitious marketing consulting companies. He then used both companies to submit invoices for "non-existent work which his employers paid."Collins transferred the stolen funds to his personal bank account, prosecutors said. Besides spending on luxury goods and fine dining, prosecutors said Collins used the funds to pay for a $150,000 engagement ring from a boutique jewelry store.Collins left Pearson in May 2024 and joined nCino, a fintech company, as an executive director for global market strategy in January, per his LinkedIn profile. He was promoted to chief marketing officer in June. nCino did not respond to a request for comment from Business Insider.Read the original article on Business Insider

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