Judge Freezes Assets of Detroit CFO Accused of Embezzlement

Former Detroit Riverfront Conservancy Chief Financial Officer William A. Smith faces allegations of embezzling nearly $40 million over a 12-year period, leading to a federal judge granting a temporary restraining order freezing up to $39.3 million in assets, including properties in multiple states and a yacht. Smith is accused of attempting to hide assets under various entities and selling properties while under investigation. The court filings reveal lavish spending on luxury items and attempts to transfer assets to avoid repayment, prompting swift government action to prevent further dissipation of funds. The Conservancy expressed gratitude for efforts to recover the stolen money, highlighting ongoing legal actions and potential additional charges like money laundering in the evolving case.