nCINO’s CMO Indicted for Alleged $6 Million Embezzlement Scheme
A Shocking Turn of Events
In a startling revelation out of Wilmington, N.C., Michael Collins, the Chief Marketing Officer (CMO) of nCINO, has been indicted for allegedly embezzling nearly $6 million from two previous employers. The Manhattan District Attorney, Alvin L. Bragg Jr., announced the serious allegations, detailing a scheme that unfolded over nearly eight years.
The Allegations
At 61 years old, Collins stands accused of misappropriating $5,915,712 while serving in executive marketing roles. Court documents allege that almost $5 million was pilfered during his tenure at a financial education company, a breach that remained undetected until he departed from the company in 2022. Following this, he made a transition to an education-technology firm, where he allegedly absconded with an additional $1 million.
According to District Attorney Bragg, this embezzlement was not just a business misstep; it was a carefully orchestrated scheme:
“Spending it on executive club memberships, luxury brands, fine dining, and extensive travel,” he stated. “My office’s Investigation Division will hold accountable those who embezzle money from their employers.”
Crafting a False Narrative
The alleged criminal behavior included the creation of two fictitious marketing consulting firms—Quattro Quadrati LLC and Regiondrivers LLC. Both entities were registered in New York, ostensibly to lend an air of legitimacy to Collins’s fraudulent activities.
Using his position of influence, Collins is said to have engaged these fake companies, submitting invoices for work that never took place. Specifically, the indictment claims:
- 144 fraudulent invoices submitted to the financial education company.
- Five invoices submitted to the education-technology firm.
The Scheme Unfolds
To maintain the ruse, Collins is accused of concealing his actions through a complex web of deception. This included:
- Creating multiple email addresses, phone numbers, and websites for the fictitious firms.
- Forwarding communications between himself and these fake entities to other employees to make the operation seem legitimate.
The funds from these bogus companies were allegedly funneled into Collins’s personal bank account, enabling him to finance an extravagant lifestyle. It is claimed that he purchased:
- Over 150 flight tickets.
- A $150,000 engagement ring from a boutique jewelry store.
Legal Repercussions
Collins faces serious charges in a New York Supreme Court indictment, including:
- Grand Larceny in the First Degree, a class B felony (one count)
- Grand Larceny in the Second Degree, a class C felony (one count)
- Falsifying Business Records in the First Degree, a class E felony (six counts)
With a diverse career, Collins previously held CMO positions at reputable firms such as the CFA Institute and Pearson, from where he transitioned to nCINO in just the past six months.
nCINO’s Response
In light of these events, a spokesperson for nCINO stated:
“Mr. Collins is no longer associated with nCINO. As this matter is actively being investigated by law enforcement it would be inappropriate for us to comment further.”
Conclusion: A Cautionary Tale
The unfolding story of Michael Collins serves as a grave reminder of the lengths some may go to for personal gain. As the investigation continues, it raises essential questions about corporate governance and the need for vigilant oversight in the fast-paced world of marketing.
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