NYC Exec Blew $6M in a Fake Company Scam—Here’s How It All Went Down
Meta Description: Michael Collins, a big-shot nCino exec, supposedly swiped $6M using fake companies—then blew it on private flights and a diamond ring that costs more than my house. Wild, right?
Wait, What Just Happened?
Okay, picture this: Michael Collins, 61, was the CMO of nCino (that’s a fancy fintech company). Dude allegedly set up a whole network of fake companies—like, complete with imaginary employees and CEOs pulled out of thin air—to funnel $6 million straight into his bank account. And get this: he spent it on a $150K diamond ring and over 150 flights. I mean, who even takes that many trips? The audacity here is next-level. Makes you wonder how many other execs are getting away with this stuff.
So Who Is This Guy?
Before all this, Collins was just another suit in the corporate world. nCino’s a big deal in cloud banking software, and as CMO, he basically had the keys to the kingdom. No major scandals in his past, but no “Employee of the Year” awards either. Just your average, forgettable exec—until he wasn’t. Funny how that works.
How the Heck Did He Pull This Off?
The Fake Company Playbook
Here’s the crazy part: Collins didn’t just steal cash from a vault. Nah, he went full Hollywood. Created shell companies with fake employees, even invented “presidents” to sign off on invoices. And nCino just… paid them? For years? It’s the kind of scheme you’d expect from a bad Netflix thriller, not real life. But hey, truth’s stranger than fiction.
Where’d All That Money Go?
Prosecutors say he blew through $6M like it was Monopoly money. The highlights:
- A diamond ring that cost more than most people make in three years ($150K—seriously?)
- Enough flights to earn lifetime platinum status (150+ trips, because why not?)
- Probably some other insane stuff they haven’t even found yet
Honestly, the weirdest part? Nobody noticed for ages. Makes you side-eye every corporate expense report ever.
The Moment It All Fell Apart
Like every scammer, Collins got sloppy. Maybe an accountant finally checked the receipts, or some intern noticed “President John Smith” didn’t exist. Either way, once investigators started digging, the whole house of cards collapsed. The real question isn’t how they caught him—it’s how this lasted long enough to hit $6M.
What Happens Now?
Collins is looking at serious jail time for fraud and embezzlement. But nCino’s got bigger problems: clients are gonna wonder, “If they missed $6M disappearing, what else is slipping through?” Trust in fintech is everything, and this? Not a good look.
How to Stop This from Happening to Your Company
Basic Stuff Companies Keep Ignoring
This whole mess could’ve been avoided with a few simple checks:
- Surprise audits: Like a pop quiz, but for finances.
- Don’t let one person control everything: Basic common sense, right? Apparently not.
- Let employees snitch safely: Most fraud gets caught because someone talks. Protect those people.
Culture Matters More Than You Think
Here’s the thing—if leadership winks at shady behavior, employees notice. Collins didn’t wake up one day deciding to steal $6M. It starts small. Companies that ignore ethics? They’re basically rolling out the red carpet for fraud.
The Big Takeaway
Collins’ story isn’t just about one greedy exec. It’s about how easy it is to game the system when nobody’s really watching. White-collar crime rarely makes headlines until the numbers get stupid—like $6M stupid. Makes you wonder: how many smaller scams are happening right now? Food for thought.
Want to Go Deeper?
- The DOJ’s full indictment (for the legal nerds)
- nCino’s “We’re Very Sorry” statement
- Remember Enron? Yeah, this feels familiar
Source: NY Post – US News
