Former Detroit Riverfront Conservancy CFO William Smith. Photo: A Healthier Michigan via Flickr
Former Detroit Riverfront Conservancy CFO William Smith was sentenced to 19 years in prison yesterday for stealing more than $40 million from the nonprofit.
Why it matters: The sentence — one year longer than the 18 years prosecutors requested — caps one of the area's "most egregious economic crimes in recent memory," Acting U.S. Attorney Julie Beck said in a statement.
Catch up quick: Smith, 52, pleaded guilty in November to wire fraud and money laundering, each carrying a maximum sentence of 20 years.
The Conservancy began questioning Smith in March 2024, he was suspended the following May and charged in June.
What's next: Smith was ordered to pay more than $44 million in restitution. He's cooperating with an asset search that has turned up $649,000 in retirement accounts, rental homes in Detroit, a yacht and more, the Detroit News reports.
Prosecutors expect the conservancy to recoup up to $3 million.
