The former CEO of a Connecticut-based nonprofit organization that provides training to the financial services industry pleaded guilty last week to embezzling more than $680,000 from the organization.
Michael Meakem, 59, of Norwich, Connecticut, waived his right to be indicted and pleaded guilty in federal court to one count of wire fraud stemming from an embezzlement scheme, the Connecticut U.S. attorney’s office said in a statement.
Based in Farmington, Connecticut, the Center for Financial Training Atlantic & Central States Inc. provides continuing education to employees in the financial services industry and has a partnership with the Connecticut Bankers Association. The two organizations share an address in Farmington.
Meakem led the CFT for 27 years. According to the U.S. Attorney’s statement, Meakem embezzled at least $683,202 from CFT’s credit card accounts and bank accounts between 2013 and 2020. Prosecutors said he used the funds on personal expenses, including alimony payments, meals, cruises, other vacations, and gambling at Connecticut’s casinos.
The Massachusetts Bankers Association said it has no affiliation with the CFT, though some Massachusetts banks use CFT’s educational programming. The Cooperative Credit Union Association, which represents credit unions in Massachusetts and several other states, said it does not use CFT.
In a letter dated Jan. 3, 2020, and posted on the CFT’s Facebook page, CFT Board Chair William Wagner said Meakem had left the CFT to join the Connecticut Bankers Association as its vice president and chief administrative officer. Wagner said in last year’s letter that Meakem was assisting CFT and its board of directors with the transition to new leadership. The letter also said Meakem, who was previously the chief financial officer at The Bank of Southeastern Connecticut, had helped launch the CFT in 1992. The Connecticut Bankers Association said Meakem is not a current employee there but declined further comment, citing a policy that it does comment on current or former CBA employees.
