Categories: Business

Detroit nonprofit CFO admits to stealing $44 million in decades-long scheme—spent money on limos, travel, and clothes



A man accused of stealing $44 million from a Detroit nonprofit group pleaded guilty Friday to financial crimes that stunned the organization and forced some delays in a major riverfront project.

For years, William Smith controlled the money at the Detroit Riverfront Conservancy, which is transforming miles of shore along the Detroit River into recreation space, with plazas, pavilions and parks.

“We are pleased to see Will Smith begin to be held accountable for his disgraceful actions,” Chief Executive Ryan Sullivan said.

Smith, 52, was arrested in June. Investigators said the chief financial officer routinely used money from the Riverfront Conservancy for travel, hotels, limousines, household goods, clothing and jewelry. He had side gigs in real estate, a nightclub and amateur basketball.

Smith pleaded guilty to wire fraud and money laundering during an appearance in Detroit federal court, acknowledging that the group’s loss was at least $44 million. He could face more than 15 years in prison when he returns to court in March.

The Riverfront Conservancy recently said that the theft is forcing it to delay portions of a riverwalk project. The group’s board of directors is composed of prominent people in Michigan business and government.

“Mr. Smith’s deceitful actions, which spanned for more than a decade, not only broke the trust of his employer but the entire community,” said Cheyvoryea Gibson, who leads the FBI in Detroit.

How many degrees of separation are you from the globe’s most powerful business leaders? Explore who made our brand-new list of the 100 Most Powerful People in Business. Plus, learn about the metrics we used to make it.



Source link

Washington Digital News

Share
Published by
Washington Digital News

Recent Posts

Dollar General Is Closing 141 Stores by January 2026

Hip2Save may earn a small commission at no extra cost to you via trusted partners…

9 seconds ago

PPF vs. Repaint: A Mustang Cost Breakdown – Is It Worth the Investment?

The Ford Mustang is an icon known for its performance and style. Protecting its striking…

22 mins ago

Vintage Tomato Soup Cake Recipe

This website may contain affiliate links and advertising so that we can provide recipes to…

58 mins ago

What Is Critical Thinking? A Simple Definition

by Terry Heick What does ‘critical thinking’ mean? Well, that depends on who you ask.…

1 hour ago

About His 5 Children – Hollywood Life

View gallery Image Credit: Getty Images President Donald Trump is no stranger to family life…

2 hours ago

Will Trent Season 3 Episode 10 Spoilers: Was An Elite Society Responsible For a Teenage Girl’s Murder?

Trying to fit in as a teenager was brutal. I can’t imagine growing up in…

2 hours ago