DETROIT – The Detroit Riverfront Conservancy is asking a federal judge to give its former CFO the maximum 20-year sentence after he embezzled money from the nonprofit for over a decade.
William Smith pleaded guilty to wire fraud and money laundering in November 2024 and is scheduled to be sentenced on Thursday, April 24, 2025. He has agreed to pay at least $44.3 million in restitution.
This request comes after federal prosecutors asked for an 18-year prison sentence for the former CFO.
“Smith did not simply steal money from a non-profit; he stole from volunteers and used that money for excess, flamboyance, and greed,” lawyer Matthew Schneider wrote on behalf of the Conservancy in a letter to U.S. District Judge Susan DeClercq.
Prosecutors said Smith used the over $40 million he embezzled to fund a lavish lifestyle from November 2012 through May 2024.
He used the funds to pay for the lease of a new Maserati Levante for his girlfriend, and throughout the entirety of the scheme, he transferred her about $3.7 million of the Conservancy’s funds. That number doesn’t include gifts, travel or jewelry that were purchased for her.
Smith also spent $100,016.13 on a private yacht for a week in the Mediterranean, bought more than $526,000 in items from Gucci and Louis Vuitton and spent more than $507,000 on floor seats for Detroit Pistons games.
Read more about what was purchased--> Former Detroit Riverfront CFO embezzles $40 million -- what prosecutors say he spent it on
The former CFO falsified bank statements to cover up the scheme, according to prosecutors.
In March 2024, Conservancy leaders were concerned about the nonprofit’s financial condition after a board meeting and confronted Smith about it.
The Conservancy reported their findings to the authorities, which prompted an FBI investigation, and Smith was officially fired in May 2024.
Victim impact statements from Conservancy volunteers, board members, donors and employees were also included in the sentencing request.
“When sentencing, think of Will stealing for over a decade and (do) not just think of this as his first offense,” said a conservancy employee. “He would’ve most likely kept going if he didn’t get caught. All of us affected would like to see him behind bars for a long time.”
A board member also said, “I can only begin to tell you the negative impact that has resulted in the Black community … Mr. Smith’s actions give those who want to find a reason not to provide equal opportunity an excuse to avoid providing access to executive positions, jobs, contracts.”
In their statements, many expressed concerns about how deceitful the CFO was for years, and how what he’s done has impacted the reputation of the Conservancy.
