William Smith faces federal charges alleging he embezzled some $40 million in funds intended for Detroit's riverfront revitalization project.
A man who for years controlled the finances at a group that has turned Detroit's riverfront into a popular attraction was charged Wednesday with embezzling tens of millions of dollars. William Smith routinely used money from the Detroit Riverfront Conservancy to pay credit card bills for travel, hotels, limousines, household goods, clothing and jewelry, according to a criminal complaint unsealed in federal court. The fraud is 'simply astonishing in scale,' said U.S.
Smith, who was chief financial officer from 2011 until he was fired in May, was charged with bank and wire fraud. He was led into court in handcuffs and subsequently released on bond. Defense attorney Gerald Evelyn did not return a phone message seeking comment. Smith has not spoken publicly since the scandal broke on May 14 when the Riverfront Conservancy said he was being placed on leave. He was fired Friday.
We each feel a sense of responsibility to overcome this horrific act,' the board said last week.
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