Ex-CFA Institute Executive Pleads Guilty to $6 Million Theft

The CFA Institute’s former chief marketing officer pleaded guilty to embezzling almost $6 million from the financial education group and another company.

Michael J. Collins now faces as long as nine years behind bars after admitting he stole the money to fund a lavish lifestyle that included club memberships, travel and the purchase of a $150,000 engagement ring. Collins, 61, is expected to be sentenced in June on two counts of grand larceny, Manhattan District Attorney Alvin Bragg said Wednesday.