Detroit Nonprofit CFO Pleads Guilty To $44 Million Theft

William Smith, 52, has pleaded guilty to wire fraud and money laundering charges after embezzling $44 million from the Detroit Riverfront Conservancy, the Associated Press reported.

Smith, who served as the nonprofit’s CFO, admitted to misusing funds earmarked for transforming Detroit's riverfront into recreational spaces, spending the money on personal luxuries.

Smith, who served as the nonprofit’s CFO, admitted to misusing funds earmarked for transforming Detroit's riverfront into recreational spaces, spending the money on personal luxuries such as travel, clothing, jewelry, and side ventures in real estate and a nightclub.

The theft delayed parts of the organization’s high-profile riverfront project. “We are pleased to see Will Smith begin to be held accountable for his disgraceful actions,” said CEO Ryan Sullivan.

Smith, arrested in June, faces over 15 years in prison at his sentencing scheduled for March.