Yaorong Wan, 50, admitted switching a diamond ring worth $225,000 for a fake one and then walking out of Tiffany’s flagship store on Fifth Avenue in New York in March 2024. About a week later, he pocketed a $24,000 ring at the Cartier store in Hudson Yards, according to the Manhattan District Attorney’s office.
Michael Collins, the 61-year-old chief marketing officer for the digital banking platform nCino, created bogus companies filled with fake employees and led by phony presidents to pull off his scheme, prosecutors said.
Michael J. Collins, who worked at the CFA Institute from 2016 to 2022, was arrested Monday on an eight-count indictment by the Manhattan district attorney’s office. According to prosecutors, he used his position as a marketing executive to hire outside consulting firms that he actually created and controlled, submitting fake invoices for “non-existent work.”
“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. 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,” said District Attorney Bragg. “My office’s Investigation Division will hold accountable those who embezzle money from their employers.”
“Yaorong Wan used sleight-of-hand to pocket $260,000 worth of diamonds from two luxury jewelers,” said District Attorney Bragg. “New York is a global fashion capital, and we will continue to work with our law enforcement partners to keep mom-and-pop shops and high-end retailers alike safe.”
