Federal prosecutors want former Detroit Conservancy CFO sentenced to 18 years in prison
Federal prosecutors are seeking an 18-year sentence for former Detroit Riverfront Conservancy CFO William Smith for
embezzling more than $40 million
from the Conservancy.
According to a new court filing, Smith used the money "to live a deeply immoderate lifestyle," including purchasing real estate, clothes, jewelry, and a 35-foot boat and leasing a $200,000 Mercedes-Benz. Court records show that Smith also wire-transferred some of the money into multiple accounts he owned.
Prosecutors said the money funded multiple trips, including a yacht for a Mediterranean cruise and a private jet to travel to Las Vegas. Smith leased a Maserati for a woman he became romantically involved with and sent her $3.7 million. Additionally, he attended a Detroit Lions game at the Los Angeles Rams' SoFi Stadium, renting a private suite for $29,000, according to court documents.
To cover up the embezzlement, prosecutors said Smith falsified bank statements he provided to the Conservancy's bookkeeper and took out a line of credit on behalf of the Conservancy to fix the organization's low balance in its operating account.
"Such a sentence is within the advisory guidelines range and would appropriately weigh the nature and circumstances of the offense and Smith's history and characteristics, would promote respect for the rule of law and provide just punishment, would deter other would-be offenders from engaging in anything approximating Smith's conduct, and would not create an unwarranted sentencing disparity with other offenders," Acting U.S. Attorney Julie Beck wrote in the court filing.
In November 2024, Smith
pleaded guilty
to one count of wire fraud and one count of money laundering. As part of his plea agreement, he agreed to pay at least $44.3 million in restitution.
Smith served as the Conservancy's CFO from 2011 until he was
fired in May
amid an
FBI investigation
.
The FBI
began investigating the embezzlement in early 2024
after the Honigman Law Firm presented evidence of financial wrongdoing. At the time, Smith was placed on unpaid leave.
Michigan State Police initially handled the investigation, but the department turned it over to the FBI because it was too complex.
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