Latest news with #DetroitRiverfrontConservancy
Yahoo
26-04-2025
- Yahoo
Fla. Man Threatens to Shoot 7-Year-Old For Selling Candy, Dallas Cops Manhandle Black Man Claiming Innocence, Detroit Nonprofit Exec Allegedly Steals $40 Million, How a Georgia Mother Dies of a Broken Heart and More From the Week in News
A Florida man is being dragged every which way on social media after his disturbing Facebook went viral. The disgusting comments were directed toward an innocent Black girl trying to sell some candy. Now, the man is paying for his words. - Kalyn Womack Read More A woman visiting Dallas told the cops she was randomly ambushed by a homeless man. The incident itself was shocking but the alleged motive behind the ambush was even more startling. - Kalyn Womack Read More Passengers walking through the Dallas Love Field Airport over the weekend witnessed a group of officers confronting a Black man. However, the way the dramatic scene unfolded left a lot of them frightened and downright confused. Thankfully, the man's plea for a video recording of the incident was heard. - Kalyn Womack Read More For over a year, a Black firehouse employee didn't come forth about the torment he experienced from his two white coworkers. Now that the two have been found out, they're facing some serious consequences. - Kalyn Womack Read More A wellness check for a woman who went rogue for almost two months turned into a horrifying discovery for Connecticut police. However, the findings of the woman's remains are nearly just as disturbing as the suspect they arrested in connection to her killing. - Kalyn Womack Read More Though the Catholic church is mourning the death of Pope Francis, questions loom as to who will take the seat of leadership next. However, there is an opportunity for the Vatican to be headed by its first ever African pope. Let's take a look at the contenders and how they qualify. - Kalyn Womack Read More A Black man has been stranded behind bars in North Carolina amidst the agonizing process of getting in front of a judge to plead his innocence. The accusations..? He's facing a laundry list of charges filed by a woman he claims has been using her power to make sure he stays in jail. - Kalyn Womack Read More Former Detroit Riverfront Conservancy CFO William Smith is under the thumb of federal prosecutors who say he used his nonprofit to smuggle millions (and we mean millions) of dollars. We don't know what's more shocking — the amount he allegedly took, the amount of time it took for authorities to catch him or how he got away with it for so long. - Kalyn Womack Read More Last week, a Georgia family suffered the loss of their matriarch. Though her manner of death was due to natural causes, family members suspect it can also be attributed to another heartbreaking loss that is still under investigation. - Kalyn Womack Read More Women often expect the backhanded reply of, 'Ight then, you ugly anyway,' or possibly something more aggressive when rejecting a man. However, one Michigan teen is accused of responding in an extreme, and dangerous way, putting the girl's entire family in fear for their lives. - Kalyn Womack Read More For the latest news, Facebook, Twitter and Instagram.
CBS News
24-04-2025
- Business
- CBS News
Former Detroit Riverfront Conservancy CFO who stole $40M sentenced to 19 years in prison
William Smith, the former CFO of the Detroit Riverfront Conservancy, who pleaded guilty in a $40 million embezzlement case, was sentenced Thursday to 19 years in federal prison. Smith, 52, is also responsible for $48 million in restitution and will be on supervised release for three years once he serves out his sentence. Judge Susan DeClercq of the United States District Court for the Eastern District of Michigan said what Smith did is devastating to the conservancy and people of Detroit, and people will feel the ripple effects of this for years to come. DeClercq noted the loss the city has gone through for decades and said Smith is adding yet another stain to a city working to fight its way back. Detroit was once a city with a reputation in disarray, and DeClercq added she does not want the city to even remotely look back in that direction. She said Smith's actions are a brand of shame for all of Detroit. Smith pleaded guilty in November 2024 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. Federal prosecutors previously said 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 showed that Smith wire-transferred some of the money into multiple accounts he owned. The money funded multiple trips, including a yacht for a Mediterranean cruise and a private jet to travel to Las Vegas, according to prosecutors. Smith also leased a Maserati for a woman he was 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. Before Thursday's sentencing, Smith's defense team submitted a sentencing memorandum last week asking that the court impose a "fair sentence and a just sentence, and not one driven by sensationalism and other improper influences." The new filing came a week after federal prosecutors called for an 18-year sentence. During sentencing, Smith's defense team argued that Smith has no prior record, has been a positive role model in the community and he has lost his support system due to scrutiny. They added that Smith is remorseful and apologetic and argued against enhancing his sentencing due to his race. Smith said he takes full responsibility for his actions, including stealing from an organization that was made to serve the community of Detroit, and recognizes he will live with the weight of his decision for the rest of his life. Federal prosecutors say Smith committed one of the most serious economic crimes in this jurisdiction. Prosecutors noted this offense went on for more than 11 years and was not a one-time mistake, and there should be no deviation from the sentencing guidelines. Smith will continue out on bond until he self-reports to prison.
Yahoo
22-04-2025
- Business
- Yahoo
Detroit Riverfront Conservancy requests maximum prison sentence for ex-CFO
The Detroit Riverfront Conservancy is requesting a judge issue a maximum 20-year prison sentence for its former CFO who was convicted in connection with stealing $44 million from the nonprofit, arguing his purported cooperation with investigators and a promise to pay restitution should afford him no leniency. William Smith is to be sentenced Thursday following his guilty plea in November to wire fraud and money laundering. Prosecutors have recommended he serve 18 years, while Smith's lawyers are seeking a sentence of 12.5 to 15.5 years. 'Smith did not simply steal money from a non-profit; he stole from volunteers and used that money for excess, flamboyance, and greed,' conservancy lawyer Matthew Schneider – himself a former top federal prosecutor – wrote in a letter Monday to U.S. District Judge Susan DeClercq. More: Feds seek 18-year prison term for ex-Detroit Riverfront CFO William Smith More: 'Ashamed' and 'remorseful': Lawyers for ex-Detroit Riverfront CFO ask court for leniency Smith began siphoning money from the nonprofit, which was tasked with renovating the Detroit riverfront, in 2012. That was shortly after his promotion from fiscal analyst to CFO. The theft continued into March 2024, when the nonprofit's leaders said they first noticed cash flow issues. Prosecutors have detailed lavish spending by Smith including $3.7 million in wire transfers to a mistress, $500,000 in Pistons floor tickets, and nearly $200,000 to charter a private jet and yacht. Schneider's letter to DeClercq details additional alleged spending that includes the laundering of $4.3 million to Smith's now shuttered night club, Duo Restaurant and Lounge, in Southfield. According to the letter, Smith used conservancy funds for restaurant supplies, work uniforms, and bulk liquor orders in the thousands of dollars. Smith also donated to community causes and GoFundMe campaigns with conservancy money, the letter says. "In what can only be described as the ultimate act of hubris," he made one donation to the conservancy itself, contributing $10,000 to the 2017 Shimmer on the River gala via an American Express card whose balance he later paid with a wire transfer from the nonprofit. Smith even sent himself a thank you letter for the donation, Schneider said, 'presumably so he could claim his payment as a charitable donation on his tax filing.' Funds for the nonprofit come from philanthropic, public and private sources. In requesting a lighter penalty for Smith, defense attorneys have said he's remorseful and they highlighted his cooperation with investigators. But Schneider rejects that characterization, alleging that when confronted about the missing money in March 2024, the then-CFO lied about his involvement for weeks – first to board chair Matt Cullen, then an outside consultant the nonprofit hired to investigate, and, finally, an 'extremely upset' major donor whose organization had given the conservancy millions. By late April, Smith took a leave of absence and started transferring assets, prompting a judge to eventually freeze them. Smith has agreed to pay at least $44.3 million in restitution, but prosecutors expect to recoup as little as $2 million from all of his seized assets, per a February court filing. Schneider's letter also includes comments from about a dozen anonymous "victims" affiliated with the conservancy. One, from an unnamed board member, says the actions of Smith, who is Black, will prevent other Black people from succeeding. 'I can only begin to tell you the negative impact that has resulted in the Black community,' the statement says. 'Mr. Smith's actions give those who want to find a reason not to provide equal opportunity an excuse to avoid providing access to executive positions, jobs, contracts.' Another anonymous board member statement says Smith 'has single handedly diminished Detroit's and the Conservancy's reputation.' 'Just when Detroit is getting accolades as the No. 1 Riverwalk in the United States three years in a row, for the revitalization of the city, and for the NFL draft, Mr. Smith's scandal has put us in a negative light,' it says. The more than 40-member conservancy board is made up of the region's top political, business and philanthropic leaders. After details of the theft were revealed last year, nonprofit governance experts highlighted a range of apparent red flags at the organization, including Smith's sole access to a conservancy checking account, a lack of board scrutiny of his business dealings, and the board's use of the same auditor for more than a decade. More: Experts review how Detroit Riverfront Conservancy could have missed alleged $40M fraud Violet Ikonomova is an investigative reporter at the Free Press focused on government and police accountability. Contract her at vikonomova@ This article originally appeared on Detroit Free Press: Detroit Riverfront Conservancy seeks max sentence for stealing CFO
Yahoo
21-04-2025
- Yahoo
Here Are the Steps This Detroit Nonprofit Exec Allegedly Took to Steal $40 Million
Former Detroit Riverfront Conservancy CFO William Smith is under the thumb of federal prosecutors who say he used his nonprofit to smuggle millions (and we mean millions) of dollars. We don't know what's more shocking — the amount he allegedly took, the amount of time it took for authorities to catch him or how he got away with it for so long. Now that he's about to be sentenced for his crimes, let's take a look at all the tea. Federal prosecutors accuse Smith, 52, of using his nonprofit to embezzle over $40 million dollars since 2003, per court documents. They say he finessed the organization's bank account when funds were low by taking out a line of credit on the org's behalf. The Feds say he claimed to get permission from the board to proceed with said action. However, prosecutors said he did not have permission nor did he have valid documents to provide to the bank. Instead, they claim Smith forged the documents he provided. From there, Smith is accused of taking the money from that credit line and funneling it to the organization's bank account to cover up his embezzlement. To keep his movements on the low, prosecutors say he would conceal the source of the funds or what they were being used for. For example, he once funneled over $98,000 from the organization's bank to Comerica Bank to The Joseph Group's account at Bank of America. He then did another complex transfer to TBE Food Group's account from which he funneled funds directly to his personal bank account. You must be wondering what he spent the money on. Chile, everything. According to prosecutors: He bought a home in Texas for an unspecified amount. He chartered a private yacht for a weeklong Mediterranean cruise for $100,000. He bought over $500,000 in Gucci and Louis Vuitton merchandise. He dropped $54,000 at a jewelry store. He spent over $500,000 for Detroit Pistons Games. Floor seats, of course. He dropped $45,000 on a high-end experience at a Detroit Lions game in Los Angeles featuring a private suite, access to the stadium's restaurants and a stay at a boutique hotel. He booked a trip to Las Vegas, staying at the Cromwell Hotel and spent $8,000 at Drais Rooftop, $5,000 at Drais Beach Club and $94,000 on a private jet. He booked a slew of airline tickets totaling over $94,000. He put down nearly $60,000 for a wedding venue. Oh! And he allegedly paid off his American Express bills which totaled up to $14 million from November 2012 to March 2024, prosecutors said. During a board meeting in March 2024, Smith was confronted about the organization's financial status, per ClickonDetroit. Suddenly, a month later, he took a leave of absence for a physical illness. While he was gone, the report says the board hired a third-party to investigate the organization's finances. By May, Smith was suspended and reported to the police for fraud. On June 4, 2024, Smith was charged with wire fraud and money laundering, the report says. In November, he pleaded guilty to one count of each. He's set to be sentenced on April 24. He faces a maximum of 20 years in prison. However, prosecutors requested 18 years. Ahead of the hearing, Smith filed an apology saying he was 'ashamed' and 'extremely remorseful' about his scheme, per Axios Detroit. For the latest news, Facebook, Twitter and Instagram.
CBS News
19-04-2025
- Business
- CBS News
Former Detroit Riverfront Conservancy CFO expresses remorse in embezzlement case, attorneys say
The former CFO of the Detroit Riverfront Conservancy is expressing remorse ahead of sentencing in the $40 million embezzlement case, according to his attorneys. William Smith's defense team submitted a sentencing memorandum, asking that the court impose a fair sentence and a just sentence and not one driven by sensationalism and other improper influences." The new filing comes a week after federal prosecutors called for an 18-year sentence . "Since his arrest in this matter, Defendant William Smith has evidenced his remorse and desire for rehabilitation by his extensive and unfettered cooperation with the Government in this matter," attorneys Gerald Evelyn and Robert Higbee wrote. Smith pleaded guilty in November 2024 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 . In the court filing, attorneys said they asked Smith how he felt about his conduct, to which he said, "I am ashamed of what I've done to the city and the project that I love. This behavior is something that I will never show again. My intentions are to continue to work to restore the trust and respect of the community that I let down." Attorneys included statements from his parents, who described him as a "decent and good man" and said they were not aware of the embezzlement. Additionally, attorneys presented several letters of support reiterating Smith's remorse. Federal prosecutors said 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 showed that Smith wire-transferred some of the money into multiple accounts he owned. The money funded multiple trips, including a yacht for a Mediterranean cruise and a private jet to travel to Las Vegas, according to prosecutors. Smith also leased a Maserati for a woman he was 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. Sentencing is scheduled for April 24. NOTE: The video above previously aired on April 11, 2025.
