Former CFO Admits to $44 Million Embezzlement Scheme

William Smith, the former CFO of the Detroit Riverfront Conservancy, has pleaded guilty to embezzling over $40 million from the nonprofit organization over a span of 12 years. Smith admitted to wire fraud and money laundering, using the funds for personal luxuries, including real estate, travel, and other expenses. The embezzlement scheme involved transferring money to his own company, The Joseph Group, and settling personal credit card bills, resulting in delays to the conservancy's riverfront projects. Smith faces a potential prison sentence of up to 20 years and has agreed to pay at least $44.3 million in restitution. The scandal has prompted the resignation of the conservancy's CEO and has exposed significant oversight failures by the board. Sentencing is scheduled for March 20, 2025.