By Kenneth Corbin

The former chief marketing officer at the CFA Institute has pleaded guilty to two counts of grand larceny relating to the embezzlement of nearly $6 million from the financial credentialing organization and another company he worked for, Manhattan District Attorney Alvin Bragg announced on Wednesday.

Michael Collins, 61, is expected to be sentenced to a prison term of three years to nine years next month, according to the Manhattan district attorney's office. Collins' lawyer didn't immediately respond to a request for comment.

The CFA Institute, which oversees the Chartered Financial Analyst credential held by many investment advisors, is among the most recognizable educational and certification organizations in the wealth management industry.

Over a span of eight years, Collins stole nearly $5 million from the CFA Institute and nearly $1 million from another company where he worked as a marketing executive, according to the district attorney's office.

"Michael Collins exploited these companies for his own personal gain," Bragg says. "He took millions for himself and made extravagant purchases, including luxury items and international travel."

The CFA Institute issued a statement noting that it assisted Bragg's office with its investigation that resulted in the guilty plea.

"Our former employee committed a crime against CFA Institute, and we thank the Manhattan District Attorney's Office for pursuing justice in this matter," the group says. "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."

Bloomberg reported that the other company where Collins worked is Boundless Learning, an education-technology business that previously was a unit of Pearson. A representative of Boundless Learning didn't immediately respond to a request for comment.

At both employers Collins' scheme was the same, according to Bragg's office. He created two "fictitious marketing companies," Quattro Quadrati and Regiondrivers, which he incorporated in New York and hired as marketing vendors and consultants and "submitted invoices for nonexistent work which his employers paid," the district attorney's office says.

Collins submitted 144 fraudulent invoices to the CFA Institute and five to the education-technology company, according to Bragg's office. Prosecutors say that Collins went to elaborate lengths to make his fake businesses appear legitimate. He created nonexistent presidents and employees of the companies, corresponding with his employers using bogus email addresses.

Bragg's office says Collins transferred the money his fake businesses collected directly into his personal bank accounts, spending the funds on club memberships, luxury goods, expensive meals, and travel, including more than 150 airplane tickets. His sentencing is scheduled for June 22.

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April 24, 2026 14:24 ET (18:24 GMT)

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