A former chief marketing officer of the CFA Institute has been sentenced to up to nine years in prison after embezzling millions of dollars from the institute and another employer.
Michael Collins, in June 2025, was indicted by the Manhattan District Attorney after he was alleged to have stolen $5 million from the CFA Institute and $1 million from education firm Pearson. He was sentenced on Monday.
“Michael Collins has been sentenced to 3-9 years in state prison for embezzling nearly $6 million from two companies for his own greed,” said Manhattan district attorney Alvin Bragg, in a statement. “I hope this sentencing sends a message to New York executives who exploit Manhattan businesses—you will be held accountable.”
Collins plead guilty to two counts of grand larceny in April. He will be eligible for parole after three years.
As a part of the scheme, Collins approved invoices from fictitious marketing companies that he owned, the companies were Quattro Quadrati LLC and Regiondrivers LLC, according to information from the DA’s office. He sent a total of 144 fraudulent invoices to the CFA institute, and another five to Pearson.
Collins was said to have used the funds he embezzled on luxury goods, including more than 150 airline tickets and a $150,000 engagement ring he purchased through the bank account of one of his companies.
“CFA Institute assisted the Manhattan District Attorney’s Office in its investigation that led to this guilty plea,” a spokesperson for the CFA Institute said via email. “Our former employee committed a crime against CFA Institute, and we thank the Manhattan District Attorney’s Office for pursuing justice in this matter. In the years preceding and since the incident, we have significantly strengthened our financial and internal controls to help protect our organization against potential future misconduct.”
Collins served as chief marketing officer of the CFA Institute between 2016 and 2022. He later held a similar role at a unit of education company Pearson, and later became the chief marketing officer at financial technology services company nCino, Inc.
The embezzlement charges against Collins had led to backlash against the CFA Institute from some of its members, who were angered by what they saw was the organization’s slow response to the scheme.
Tags: CFA Institute