Detroit Riverfront Conservancy CFO Charged with Embezzling $40 Million

William Smith, accused of a decade-long scheme, allegedly used nonprofit funds for personal luxury expenses.

Federal prosecutors allege Smith falsified bank statements and made unauthorized wire transfers.
Smith reportedly spent conservancy funds on travel, luxury goods, and personal credit card bills.
The nonprofit's board discovered the missing funds through an independent audit, leading to Smith's firing.
Smith's business dealings also involved failed restaurant investments and a convicted business partner.
The FBI has conducted raids and seized evidence from Smith's residence as part of the investigation.