A 29-year-old Norwich man pleaded guilty to one count of wire fraud related to an embezzlement scheme targeting a financial training nonprofit organization, according to the office of the U.S. attorney for the District of Connecticut.

Michael Meakem, 29, of Norwich waived his right to be indicted on Friday in New Haven. He was released on a $100,000 bond pending sentencing on Aug. 3 in front of Judge Michael P. Shea. He faces a maximum of 20 years in prison.

The U.S. attorney's office said Meakem embezzled at least $683,202 from the Farmington-based Center for Financial Training between 2013 and 2020, while serving as president and CEO of the organization. Court documents and statements made in court showed he took the money from the organization's credit card accounts and bank accounts to be used on personal expenses, including alimony payments, meals, cruises, other vacations, and gambling at Connecticut's casinos.

The investigation was conducted by the FBI with assistance from the Norwich Police Department.