Ex-CFA Exec Charged in Massive $6M Embezzlement Plot

What happens when the guy selling trust starts spending stolen millions on bling, flights, and filet mignon? For the CFA Institute and Pearson, it means months of quiet panic, millions in losses, and a scandal that’s now hitting headlines hotter than a July 4th grill. Former CFA Institute Chief Marketing Officer Michael J. Collins is no longer pitching brand strategy—he’s fighting felony charges for a years-long embezzlement scheme that prosecutors say bilked nearly $6 million from two major employers. According to Manhattan District Attorney Alvin Bragg, Collins operated a well-oiled fraud machine from 2016 to 2024, while holding senior marketing roles at the CFA Institute, education giant Pearson, and, most recently, fintech company nCino. He pleaded not guilty—but the receipts, prosecutors argue, say otherwise. Let’s walk through the full story: how it happened, who got hurt.

Collins’ High-Flying Hustle

This wasn’t some casual misuse of a company card—this was Ocean’s Eleven in a blazer. Collins allegedly set up two fictitious consulting firms, Quattro Quadrati LLC and Regiondrivers LLC, which existed on paper only. Through these fake vendors, he submitted 149 fraudulent invoices, 144 to the CFA Institute and 5 to Pearson, charging for services that were never rendered and people who didn’t exist. But the money was very real. Investigators say Collins used the funds for 150+ airline tickets, elite club memberships, fine dining, luxury goods, and even a $150,000 engagement ring—all while his employers remained completely in the dark.

How He Got Away with It

Here’s where things go from shocking to educational. Collins didn’t just fake invoices—he allegedly built a full-blown shadow operation. He registered domains, set up email accounts, created phone numbers, and even fabricated email threads with these bogus firms. He then forwarded these phony correspondences to internal teams, laundering lies through systems meant to detect exactly this kind of fraud. Lesson for pros? Strong controls aren’t just for finance teams. Marketing, procurement, and IT need cross-checks, too. When one senior exec can approve vendors, review invoices, and validate services, you’ve given them a blank check.

A Case of Delayed Detection

Collins left the CFA Institute in 2022, before anyone noticed the missing millions. He then spent two years at Pearson in a senior marketing role, pulling the same stunt, prosecutors allege. In early 2024, he was hired by nCino as Chief Marketing Officer. That job didn’t last long. By mid-2025, the DA’s office had built a case, and nCino confirmed he was “no longer associated with the company.” In short: the fraud survived two jobs, eight years, and zero internal red flags. It wasn’t until late 2023 that the CFA Institute and Manhattan DA connected the dots.

The Courtroom Cliffhanger

Collins faces a heavy legal lineup:

• Grand Larceny in the First Degree (Class B felony)
• Grand Larceny in the Second Degree (Class C felony)
• Six Counts of Falsifying Business Records (Class E felonies)

His attorney, Seth Zuckerman, called the allegations “trumped-up” and insisted Collins had known about them for nearly a year. The defense argues that the accusations stem from former employer grievances, but the case is now in the New York Supreme Court, and the paper trail may speak louder than any plea.

Lessons for the Professionals

This scandal isn’t just a marketing mishap; it’s a masterclass in how trust can be weaponized when controls fall flat. The CFA Institute, known for its uncompromising ethics and global credibility, was blindsided. That’s not just embarrassing—it’s industry-shaking. For CFOs, CMOs, auditors, and compliance teams, the takeaways are loud and clear:

• Never let one person own the whole pipeline (vendor onboarding → invoice approval → project validation).
• Verify vendors like you verify clients.
• Internal audit isn't optional—it’s life insurance.

Because of fraud, this bold can fly under the radar at CFA Institute, the very group that defines ethical finance—it sure as hell can happen anywhere.

Closing the Books

In the end, Michael Collins’ story isn’t just about fraud; it’s about what happens when trust turns transactional. His alleged scheme exploited cracks in oversight, blurred lines between authority and accountability, and reminded us all that brand polish doesn’t mean ethical protection. For financial professionals, it’s a call to double-check the unchecked, to audit the auditors, and to treat even the smoothest operator with a healthy dose of due diligence. Because in a profession built on trust, losing control isn’t just a cost—it’s a crisis. Do you want deeper dives like this every week? Subscribe to MYCPE ONE Insights for jargon-free, real-talk rundowns of the biggest stories in accounting, finance, and compliance.