Michael Meakem, the former longtime head of the Farmington-based Center for Financial Training, pleaded guilty on Friday to embezzling more than $680,000 from the nonprofit training organization.

Meakem, 59, who lives in Norwich, waived his right to be indicted and pleaded guilty in New Haven federal court to one count of wire fraud stemming from an embezzlement scheme, the U.S. attorney’s office said in a statement.

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.

Meakem was released on a $100,000 bond and is scheduled for sentencing on Aug. 31.

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 the 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.