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Former CFA Institute Executive Charged in $5 Million Embezzlement Scheme

Posted on July 16th, 2025 at 11:05 AM
Former CFA Institute Executive Charged in $5 Million Embezzlement Scheme

From the desk of Jim Eccleston at ÍøÆØ³Ô¹Ï

Michael J. Collins, the former chief marketing officer of the CFA Institute, has been accused of embezzling nearly $5 million from the financial education organization through a long-running fraud scheme designed to fund a lavish personal lifestyle. As reported by ThinkAdvisor, the Manhattan District Attorney’s Office announced the charges following Collins’ arrest on an eight-count indictment.

Prosecutors allege Collins exploited his executive position at the CFA Institute between 2016 and 2022 by creating and secretly controlling sham consulting firms. He then directed contracts to these entities and submitted fraudulent invoices for services that were never performed. According to ThinkAdvisor, the indictment further claims Collins executed a similar scheme after joining Boundless Learning, a former educational subsidiary of Pearson Plc, where he worked from 2022 to 2024.

Authorities say Collins built a façade of legitimacy around these fake companies by registering websites, emails, phone numbers, and bank accounts. He allegedly exchanged emails with these fabricated firms and forwarded them to internal contacts to conceal the deception.

Collins, 61, pleaded not guilty to the charges.

 

ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

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