DETROIT – The Detroit Riverfront Conservancy is making significant changes in the wake of a major embezzlement investigation that’s still ongoing.
The Conservancy’s CFO William Smith has been formally fired as the nonprofit admits more than $40 million has gone missing.
The Board that oversees the conservancy said they intend to take every effort to recover the missing money.
Smith is accused of embezzling more than $40 million over several years. A litigation committee has been formed to find if he worked alone or if others were involved.
Smith, who was fired Friday, May 31, oversaw the nonprofit’s finances and is the target of an FBI investigation.
The Conservancy is looking for answers of its own, such as why auditors at the accounting firm that oversaw the transitions failed to detect what was really going on?
As soon as all of this came to light, Quattro Financial services took over the Conservancy’s day to day finance and accounting activities.
Meanwhile, two of the Conservancy’s larger donors have renewed funding and are standing in support of the nonprofit, which has a new interim president.
As for the new 22-acre park in southwest Detroit, that project will continue.
