DETROIT – As the Detroit Riverfront Conservancy tries to stabilize operations, its leadership told donors that they will try to get every dime back of the stolen $40 million and vows to continue its mission.
Detroit’s Riverfront Conservancy kicked off its fundraising season with an event unlike any other simply because of the position its former CFO stands accused of putting it in.
William A. Smith has been charged with siphoning some $40 million from the non-profit over a decade.
Board Chairman Matt Cullen addressed donors at Monday (June 10) night’s party.
“We’ve all been betrayed by a bad guy we trusted who has now been charged by federal prosecutors, Cullen said. “The consequences of that betrayal are devastating on all of us.”
The investigation into how Smith allegedly pulled it off is ongoing, but the conservancy has already replaced the CEO, who resigned.
The group’s mission continues; it’s already midway through developing a massive new park on the west riverfront, which now hangs in the balance because of those depleted coffers.
Cullen and the entire team vowed to continue the work. Karen Slaughter Duperry, a former GM executive, has been brought in to oversee construction.
“Remember who you are building this for,” Duperry said to the crowd of supporters and donors. “You’re building it for kids who can barely get to Cedar Point. You’re building it for kids for whom Disney Land is out of the question. You’re building it so that they can have fantasies and that they can have great childhood memories.”