DETROIT – The FBI has taken over the criminal investigation into the Detroit Riverfront Conservancy’s CFO William Smith.
An independent audit and review of financial statements prompted the nonprofit’s board to request a criminal investigation. Smith has been placed on leave while the investigation is ongoing. Records were handed over to Michigan State Police and a week later, on Tuesday, May 21, it was announced they’ve turned things over to the FBI due to the nature and the complexity of the situation.
Read: Detroit Riverfront Conservancy CFO placed on leave amid financial investigation
Details regarding what happened are still unknown, but the Detroit Riverfront Conservancy said in a statement Tuesday that they are cooperating with authorities and are determined to get to the bottom of the matter.
“At my direction, last week the Honigman Law Firm brought evidence of financial wrongdoing by the Conservancy’s Chief Financial Officer to the Michigan State Police and requested a criminal investigation. The State Police have advised us that due to the nature and complexity of the situation they have turned the investigation over to the Federal Bureau of Investigation. We are cooperating with authorities and are determined to do whatever it takes to get to the bottom of this matter.
In the meantime, we have placed CFO William Smith on unpaid leave and have hired Quatrro Business Support Solutions, led by Paul Trulik (formerly Apparatus Solutions) who will provide oversight of the Conservancy’s day-to-day accounting and finance functions for the foreseeable future.
As soon as we can, the Conservancy will share with the public and its many stakeholders exactly what happened, how it happened, and our full plans for moving forward.
As I said last week, the riverfront is a beloved and important asset to the community, and we are committed to building a vibrant space for all metro Detroiters to enjoy. The project is moving ahead and will be stronger because of what we learn from the Board-controlled internal review and the criminal investigation. We owe it to our donors, other key stakeholders, and the entire Detroit community to be transparent and accountable about this situation – and that’s exactly what we will be.
As soon as we can, the Conservancy will share with the public and its many stakeholders exactly what happened, how it happened, and our full plans for moving forward.”
Matt Cullen, Chair of the Board, Detroit Riverfront Conservancy