Smith pleaded guilty to wire fraud and money laundering charges.
William Smith, a former CFO at the Detroit Riverfront Conservancy, pleaded guilty on Nov. 15 to a battery of financial crimes including the theft of $44 million from the organization which resulted in delays to a major riverfront project.
According to Fortune, the 52-year-old Smith was arrested in June and investigators alleged that he routinely used money from the organization’s coffers for travel, hotels, limousine, clothing and jewelry.
Smith pleaded guilty to wire fraud and money laundering charges in his appearance in court on Nov. 15, and acknowledged that the loss of money for the non-profit was at least $44 million.
Smith could face more than 15 years in prison when he returns to court in March 2025 for his sentencing.
According to Cheyvoryea Gibson, Detroit’s leader of the FBI, “Mr. Smith’s deceitful actions, which spanned for more than a decade, not only broke the trust of his employer but the entire community.”
Conservancy CEO Ryan Sullivan’s statement to the Detroit Free Press, noted that Smith’s actions have led the organization to implement reforms designed to prevent similar situations in the future. Sullivan emphasized that these measures aim to reinforce accountability and ensure greater oversight within the organization.