A former marketing executive with the CFA Institute has been sentenced to three to nine years in prison for a multimillion-dollar embezzlement scheme that defrauded the organization and another entity. Michael Collins had pleaded guilty to two counts of grand larceny in April.

The CFA Institute is an educational and certification organization that oversees the Chartered Financial Analyst credential, a highly regarded designation in the wealth management industry held by many investment advisors.

Over an eight-year period, Collins, who was the group's chief marketing officer, stole nearly $5 million from the organization and nearly $1 million from another company where he served as a marketing executive, according to Manhattan District Attorney Alvin Bragg.

Collins' lawyer, Seth Zuckerman, says his client is remorseful. "Michael Collins took full responsibility for his actions and apologized in court, " Zuckerman says. "He looks forward to paying his debt and being a productive member of the community upon his release."

The CFA Institute declined to comment beyond a statement it issued in April at the time of Collins' guilty plea, which acknowledged his criminal activity and thanked the district attorney's office for its investigation. "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," the group said.

In exploiting the CFA Institute and the other company, reportedly an education-technology outfit, Collins incorporated two sham marketing companies and billed invoices for work they didn't do. In all, Collins submitted 144 phony invoices, orchestrating elaborate deceptions that included sending bogus emails in the guise of nonexistent employees of the fictitious companies, according to Bragg's office.

Prosecutors say that Collins used the money to fund an extravagant lifestyle that included luxury goods, club memberships, and travel, including more than 150 airplane tickets.

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June 24, 2026 14:17 ET (18:17 GMT)

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