The Detroit Riverfront Conservancy, in a legal pursuit to reclaim nearly $40 million, has filed a civil suit against its former CFO William Smith. Accused of embezzling funds from the nonprofit over more than a decade, Smith allegedly lavished said funds on upscale properties and enriched his close circle. The lawsuit, according to CBS News Detroit, targets Smith and his relations, including his wife, Kimberly, his sister, Jennifer, and mother, Charlotte, for their part in the purported misuse of the Conservancy's money.
Smith's friend, Darrell Greer, who bought one of Smith's rental properties, is also entangled in this litigation. “On behalf of our vast community of Riverwalk lovers, we are seeking and seizing every stolen dollar possible from Smith and his co-conspirators," Conservancy Board Chair Matt Cullen announced, as per CBS News Detroit. The legal action hinges on allegations that Smith camouflaged the financial trails, crafting bogus records and leading both accountants and the conservancy's board astray from the real financial positioning of the nonprofit.
Federal charges against Smith for bank and wire fraud came in June, as he is accused of diverting Conservancy funds to cover personal credit card expenses. FOX 2 Detroit reported that the alleged deceit unfolded between the years of 2012 and 2024, with Smith channeling the Conservancy's funds through various banks and eventually to one of his own companies.
The extravagance Smith is accused of indulging in includes not only real estate and opulent purchases but also supposedly illicit expenditures on athletes. "Smith made many airline travel purchases for passengers other than himself,” Detroit Free Press reported. “These travel expenses appear to have been made for the benefit of athletes and professional basketball players, among others.” Meanwhile, Smith's businesses, and a company owned by Greer, have come under scrutiny as the lawsuit seeks to dissolve the veil over their activities, perceived as integral to the embezzlement operation.
