William Smith, the former CFO of the Detroit Riverfront Conservancy, was sentenced to 19 years in federal prison on April 24, 2025, for embezzling over $44 million intended for city beautification projects.

In addition to his prison sentence, Smith was ordered to pay approximately $44.3 million in restitution to the Conservancy, which relies on private donations and public grants for funding.

Acting U.S. Attorney Julie Beck described Smith's theft as one of the most egregious economic crimes in recent memory, diverting funds that could have enhanced the Detroit riverfront.

Smith's fraudulent activities over 11 years threatened the financial stability of the conservancy, which has worked to improve the Detroit riverfront for two decades.

The embezzlement scheme, which lasted from late 2012 until May 2024, involved transferring $24.4 million to a shell company he controlled, unauthorized personal purchases of $14.9 million using a credit card, and acquiring cashier's checks for personal use.

Among his lavish expenditures, Smith misappropriated funds for luxury items, real estate, and extravagant travel, including a Mediterranean cruise and trips to Las Vegas.

Following the revelation of Smith's theft, the conservancy's CEO resigned, and the organization's auditing firm was changed to restore trust and accountability.

Conservancy board chairman Matt Cullen outlined a commitment to accountability and transparency moving forward, emphasizing the four Ps: prosecute, preserve, protect, and prosper.

Community leaders expressed outrage at Smith's betrayal, describing him as a 'snake' who prioritized his own interests over the nonprofit's mission to serve the city of Detroit.

The Detroit Riverfront Conservancy expressed gratitude for the sentence, emphasizing the significant damage Smith's actions caused to the organization and its community.

Matthew Schneider, the conservancy's attorney, characterized Smith as a figure who chose greed over the betterment of Detroit, highlighting the contrast between his public image and his criminal actions.

The fraudulent activities began shortly after Smith became CFO of the Conservancy, which is funded by private donations and public grants.