Former Detroit Riverfront Conservancy Chief Financial Officer William A. Smith was sentenced to 19 years in prison for embezzling over $40 million from the Conservancy, according to an announcement by Acting United States Attorney Julie Beck. Smith is also required to serve a three-year term of supervised release, pay approximately $44.3 million in restitution, and forfeit ill-gotten gains.
Announcing the sentencing, Beck was accompanied by Cheyvoryea Gibson, Special Agent in Charge of the FBI’s Detroit Field Office, and Charles Miller, Special Agent in Charge of the IRS-Criminal Investigations Detroit Field Office. Smith, age 52, pleaded guilty in November 2024 to one count of wire fraud and one count of money laundering before United States District Judge Susan K. DeClercq.
Acting United States Attorney Beck stated, “William Smith stole an astonishing amount of money from an important community institution, and he spent that money to finance an extravagant lifestyle. Every dollar that Smith spent on luxury goods for himself is dollar that the Conservancy could not spent beautifying and improving our city’s riverfront. This is one of the most egregious economic crimes in recent memory in this District. Smith has now been held accountable for his criminal activity and we hope that today’s sentence deters any others who contemplate enriching themselves at the expense of a public trust.”
Cheyvoryea Gibson, Special Agent in Charge of the FBI Detroit Field Office, commented, "Today’s sentencing of William Smith marks the conclusion of a scheme, spanning more than a decade, deeply violating the trust of his employer and the community. Mr. Smith exploited his position of authority for personal financial gain. This outcome is the hard work and dedication from members assigned to the FBI Detroit’s Complex Financial Crimes (CFC) Squad and the successful prosecution by the U.S. Attorney’s Office of the Eastern District of Michigan. We remain committed to working with our partners to investigate and pursue those who violate federal laws.”
Charles Miller, Special Agent in Charge of the IRS Criminal Investigation (IRS-CI) Detroit Field Office, stated, “As the trusted leader of a local advocacy nonprofit, William Smith had a duty to be a responsible steward of the organization’s funds, especially the money raised to beautify and increase access to the Detroit Riverfront. Mr. Smith proved he did not deserve that trust when he stole over $40 million from the Conservancy and by proxy, everyone who would enjoy the riverfront for many years to come. IRS Criminal Investigation is proud to work with the US Attorney’s Office of Eastern Michigan and our law enforcement partners to ensure that justice is served, and Mr. Smith is held accountable for such an egregious breach of trust; stealing a huge amount of money to fund his personal lifestyle.”
Smith worked as the Chief Financial Officer for the Detroit Riverfront Conservancy, Inc. from 2011 to May 2024. The embezzlement scheme, initiated no later than November 2012, continued until his departure. Smith diverted funds to unauthorized bank accounts, used Conservancy funds to pay off personal expenses, and used unauthorized cashier’s checks for personal gain. Additionally, Smith falsified bank statements and took out unauthorized lines of credit to conceal the fraud.
The investigation was led by the FBI and IRS Criminal Investigations Division, while the case was prosecuted by Assistant United States Attorneys John K. Neal and Robert A. Moran, with asset forfeiture managed by Assistant United States Attorneys K. Craig Welkener and Jessica Nathan.