Former CFA Institute CMO Indicted for $6M Embezzlement Scheme

Michael J. Collins, the former chief marketing officer of the CFA Institute, has been indicted and charged with embezzling nearly $6 million from the CFA Institute and another education technology company, likely a division of Pearson. Over the course of eight years, from 2016 to 2024, Collins created and controlled two fictitious marketing consulting firms, submitting fraudulent invoices for nonexistent work to funnel money into his personal accounts. Prosecutors allege he used the stolen funds to support a lavish lifestyle, including club memberships, fine dining, extensive travel, and purchasing a $150,000 engagement ring. Collins pleaded not guilty to the charges, and investigations have involved cooperation between the CFA Institute and law enforcement. Collins held senior marketing roles at the CFA Institute from 2016 to 2022 and at Pearson from 2022 until his departure in 2024, before briefly working at nCino Inc. The indictment highlights a substantial breach of trust and financial misconduct at prominent financial and educational institutions.