nCino executive indicted for allegedly embezzling nearly $6M from former employers

NEW YORK (WWAY) — A Manhattan grand jury has indicted Michael Collins, the current Chief Marketing Officer at Wilmington-based fintech company nCino, on charges he embezzled nearly $6 million from two previous employers while working as a marketing executive, according to the Manhattan District Attorney’s Office.

Collins, 61, is charged with one count of first-degree grand larceny, one count of second-degree grand larceny, and six counts of first-degree falsifying business records. The indictment was announced Monday by Manhattan District Attorney Alvin L. Bragg Jr.

“Michael Collins allegedly used his position as a marketing executive to embezzle nearly $6 million from two of his employers over the course of 8 years,” Bragg said in a statement. “He then allegedly used the stolen money to fund his lavish lifestyle, spending it on executive club memberships, luxury brands, fine dining, and extensive travel.”

According to prosecutors, between March 2016 and April 2024, Collins embezzled approximately $5.9 million by submitting fake invoices through two shell companies, Quattro Quadrati LLC and Regiondrivers LLC. He allegedly used these companies to pose as outside marketing vendors, billing his employers for work that was never performed.

Collins is accused of stealing nearly $5 million from a financial education company where he worked as Chief Marketing Officer. After leaving that company in 2022, he allegedly embezzled close to $1 million from an education-technology firm where he served as Chief Marketing and Revenue Officer.

The DA’s office says Collins created fake employees, set up email accounts to impersonate them, and even asked whether his identity could be “shielded” in public business filings. Investigators say he submitted 144 fraudulent invoices to the first company and five to the second.

The stolen funds were allegedly funneled into Collins’ personal bank accounts and used for high-end expenditures, including a $150,000 engagement ring, more than 150 flights, fine dining, luxury goods, and private club memberships.

Collins’ LinkedIn profile shows he was hired by nCino in January as Global Marketing Strategy Executive Director and became Chief Marketing Officer in June.

When reached for comment, nCino said Collins in no longer associated with nCino. “As this matter is actively being investigated by law enforcement it would be inappropriate for us to comment further,” the statement concluded.