This series reports the unfolding details of former Detroit Riverfront Conservancy CFO William Smith and his alleged fraud that embezzled $40 million over the course of more than a decade from the nonprofit. Amid his alleged wire and bank fraud, the events also reveal a complete breakdown in internal financial controls over the Conservancy’s funding.
Detroit Riverfront Conservancy’s former CFO William Smith and the missing $40 million
Smith, following an FBI investigation, has been charged with wire and bank fraud going back over a decade.
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Detroit CFO on leave pending financial wrongdoing criminal investigation; case referred to FBI
By Andy Burt • May 16, 2024Detroit Riverfront Conservancy chair Matt Cullen announced that the criminal investigation, originally taken up by the Michigan State Police, would be turned over to the FBI due to the “nature and complexity” of the case. Read the full article ➔
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Detroit Riverfront Conservancy CFO fired over $40M missing from nonprofit
By Andy Burt • June 4, 2024Despite the conservancy’s record revenue in 2022, mainly derived from grant money and donations, an apparent cash shortfall triggered an independent forensic audit, which was later handed off to the FBI. Read the full article ➔
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Detroit Riverfront Conservancy’s former CFO charged with bank, wire fraud
By Andy Burt • June 20, 2024A complete failure of financial controls resulted in the former CFO’s 11-year defrauding of the Detroit nonprofit. Read the full article ➔