Ex-Detroit Riverfront CFO Gets 19 Years for Theft

Former Detroit Riverfront Conservancy CFO William Smith has been sentenced to 19 years in federal prison for embezzling over $44 million from the nonprofit between 2012 and 2024. Smith pleaded guilty to wire fraud and money laundering, having used stolen funds to finance luxury purchases, travel, real estate, and unauthorized payments to himself and associates. He concealed the theft by doctoring bank statements, diverting funds through his own companies, and falsifying financial records. The fraud was uncovered after the Conservancy detected financial irregularities and commissioned an external audit, which led to Smith's dismissal and arrest. Smith was also ordered to pay more than $44 million in restitution, though authorities expect only a small portion will be recovered due to encumbered assets. The case exposed serious oversight failures and caused significant reputational damage to the nonprofit and Detroit.