A Manhattan marketing executive reportedly embezzled nearly $6 million from the company he worked for. He made headlines on Monday, flaunting part of his lavish spending, which included a $150,000 engagement ring and 150 airplane tickets.
Michael Collins, the 61-year-old chief marketing officer for the digital banking firm NCINO, is accused of creating a fraudulent company filled with fictitious employees and allegedly used a fake president to orchestrate his schemes.
In a court appearance on Monday, he pleaded not guilty to charges of grand larceny and falsifying business records, having purportedly operated this scheme over eight years.
According to prosecutors, Collins misappropriated funds for luxury memberships, high-end brands, fine dining, and extensive travel, including more than 150 flights purchased during the time of the theft.
Particularly, it’s claimed that he utilized part of the stolen money to buy an engagement ring from a high-end jewelry store.
Collins allegedly deceived his employer between March 2016 and April 2024, employing two sham companies to lend credibility to his thefts, while forging his email, phone number, and bank account details.
Prosecutors indicated that Collins was so paranoid about getting caught that he looked into ways to ensure his identity remained concealed from any investigators.
Court documents reveal that he invented fake employees within his fictitious company to further disguise his actions.
In total, he’s accused of embezzling around $5 million from the financial education firm where he had served as chief marketing officer before departing in 2022. After that, he took a position as the Chief Marketing and Revenue Officer for a yet-to-be-named education technology firm, where he allegedly stole close to $1 million before his arrest.
Additionally, he’s said to have withdrawn $170,000 in cash from the organization, the reasoning for which remains unclear.
His attorney, Seth Zuckerman, argued for a reduction in bail, stating that Collins denies the allegations. However, the judge opted to side with the prosecution, setting bail at $500,000 in cash or $1 million in surety bonds.
From his LinkedIn profile, it’s noted that Collins was the Chief Marketing Officer at CFA Institute, a nonprofit financial education organization, from 2016 to 2022.
Before joining NCINO in June, he worked as Pearson’s Senior Vice President of Marketing and Customer Acquisition, leaving that role in May 2024.
Attempts to contact NCINO about Collins’ current employment status went unanswered.
He is set to return to court on October 7th.
