Former CFA Institute executive charged with embezzling millions

The CFA Institute’s former chief marketing officer was charged with embezzling nearly $5 million from the financial education group to fund a lavish lifestyle that included club memberships, travel and the purchase of a $150,000 engagement ring.

Michael J. Collins, who worked at the CFA Institute from 2016 to 2022, was arrested Monday on an eight-count indictment by the Manhattan district attorney’s office. According to prosecutors, he used his position as a marketing executive to hire outside consulting firms that he actually created and controlled, submitting fake invoices for “non-existent work.”

Collins, 61, pleaded not guilty to the charges. Seth Zuckerman, a lawyer for Collins, didn’t immediately respond to a request for comment.

The CFA Institute wasn’t identified in the indictment, but a person familiar with the matter said the group was a victim along with Boundless Learning, a former unit of educational publishing company Pearson. Collins allegedly worked at Boundless from 2022 to 2024.

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In a statement, the CFA Institute said it had been assisting Manhattan District Attorney Alvin Bragg’s office since being notified of the investigation late last year. The group, which offers the coveted Chartered Financial Analyst certification, declined further comment.

Boundless Learning didn’t immediately respond to a request for comment.

According to the indictment, Collins used the same scheme at both companies. He allegedly bolstered his fake consulting firms’ credibility by establishing web addresses, emails, phone numbers and bank accounts for them. He also exchanged emails with the firms that he forwarded to colleagues at the CFA Institute and Boundless.

In a statement, Bragg said Collins used the money from his scheme to live luxuriously. The engagement ring was allegedly purchased directly by an account associated with one of Collins’ consulting firms. He allegedly also used stolen funds for fine dining and some 150 flights, prosecutors allege.