DETROIT – A plea deal could be in the works for the former CFO of the Detroit Riverfront Conservancy, William Smith.
Smith was charged with stealing $40 million from the nonprofit in a decade-long embezzlement scheme.
Federal prosecutors charged the former CFO of the Detroit Riverfront Conservancy with bank and wire fraud after reportedly stealing over $40 million from the nonprofit.
Money investigators say he used it for airline tickets, hotels, linos, clothes, luxury goods, and more.
The 51-year-old is out on a GPS tether. Court paperwork says Smith’s attorneys and federal prosecutors have asked the court to delay the indictment to allow ongoing plea negotiations to continue.
Both sides said in that June 10 filing that issuing an indictment could change the posture of those plea negations.
The board that oversees the conservancy has pledged unwavering commitment, vowing to leave no stone unturned in its relentless pursuit of recovering the embezzled funds.
$40M theft from Detroit Riverfront Conservancy won’t stop new park construction
