Breaking:$44M Stolen Former Detroit Nonprofit CFO Faces Consequences A former Chief

 

Financial Officer (CFO) of a Detroit-based nonprofit organization has pleaded guilty to embezzling $44 million from the organization. The individual’s admission of guilt follows charges related to the misappropriation of funds.

*Former Detroit Nonprofit CFO Pleads Guilty to $44M Embezzlement*

Detroit, MI – William Smith, 52, former Chief Financial Officer of the Detroit Riverfront Conservancy, pleaded guilty to wire fraud and money laundering charges on November 15, 2024. Smith admitted to embezzling at least $44 million from the nonprofit organization between 2012 and 2024.

 

*Embezzlement Scheme Exposed*

According to federal prosecutors, Smith’s illicit activities included wiring $24 million to his own company and paying off $15 million in personal credit card debt using organization funds. Additionally, Smith obtained a $5 million line of credit using forged documents in 2023.

*Undetected for Over a Decade*

The embezzlement went undetected until an internal audit was initiated in March 2024. The findings were turned over to the Michigan State Police and subsequently to the FBI.

*Consequences and Reforms*

Smith faces over 15 years in prison and has had $39 million of his assets frozen. A separate civil forfeiture case and local civil lawsuit are ongoing.

In response to the incident, the Detroit Riverfront Conservancy has implemented reforms to prevent similar incidents, including enhanced accountability and oversight measures.

*Community Trust Broken*

FBI Detroit Leader Cheyvoryea Gibson stated, “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’s Statement*

Ryan Sullivan, CEO of the Detroit Riverfront Conservancy, emphasized that Smith’s actions have led the organization to implement reforms designed to prevent similar situations in the future.

*Sentencing Scheduled*

Smith’s sentencing is scheduled for March 2025.

This shocking case highlights the importance of transparency and accountability in nonprofit organizations.