This series reports the details of former Detroit Riverfront Conservancy CFO William Smith and his fraud that embezzled $40 million over the course of more than a decade from the nonprofit. Amid his wire and bank fraud, the events also reveal a complete breakdown in internal financial controls over the Conservancy’s funding.
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Detroit Riverfront Conservancy’s former CFO William Smith and the missing $40M
Smith pleaded guilty to wire fraud and money laundering following an FBI investigation, with offenses dating back more than a decade.
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Former Detroit Riverfront Conservancy CFO sentenced for $40M embezzlement
By Adam Zaki • April 24, 2025After a long legal battle, the former nonprofit CFO is set to do nearly 19 years of federal time for stealing over $40 million since 2012. Read the full article ➔
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Former Detroit Riverfront Conservancy CFO pleads guilty to embezzling over $40M
By Adam Zaki • Nov. 15, 2024The former nonprofit CFO pleaded guilty to one count of wire fraud and one count of money laundering. Read the full article ➔
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Detroit Riverfront Conservancy CFO’s plea hearing stops mid-court
By Adam Zaki • Oct. 22, 2024The expected guilty plea abruptly stopped after defense attorneys heard details of their client's prison time and asset forfeiture amount. Read the full article ➔
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Ex-Detroit Riverfront Conservancy CFO expected to plead guilty to $40M embezzlement
By Adam Zaki • Oct. 2, 2024After a new court filing was made last week, it’s likely federal prosecutors are in the works of a plea deal with William Smith. Read the full article ➔
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Former Detroit Riverfront Conservancy CFO William Smith set to lose nightclub, other assets
By Adam Zaki • Aug. 13, 2024The “regularly busy” hangout and its potential sale are part of a mutual agreement between Smith and prosecutors to help contribute to the payback process. Read the full article ➔
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Detroit Riverfront Conservancy’s former CFO charged with bank, wire fraud
By Andy Burt • June 20, 2024A complete failure of financial controls resulted in the former CFO’s 11-year defrauding of the Detroit nonprofit. Read the full article ➔
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Detroit Riverfront Conservancy CFO fired over $40M missing from nonprofit
By Andy Burt • June 4, 2024Despite the conservancy’s record revenue in 2022, mainly derived from grant money and donations, an apparent cash shortfall triggered an independent forensic audit, which was later handed off to the FBI. Read the full article ➔
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Detroit CFO on leave pending financial wrongdoing criminal investigation; case referred to FBI
By Andy Burt • May 16, 2024Detroit Riverfront Conservancy chair Matt Cullen announced that the criminal investigation, originally taken up by the Michigan State Police, would be turned over to the FBI due to the “nature and complexity” of the case. Read the full article ➔
