Ex-CFO William Smith
In one the greatest breaches of public trust in the city's history, former Detroit Riverfront Conservancy CFO William Smith pleaded guilty Friday in federal court to embezzling more than $44 million from the nonprofit.
Under the plea, he has agreed to pay no less than $44.3 million in restitution.
He faces up to 20 years in prison for stealing the funds that were supposed to help develop the riverfront. Sentencing is set for March 20.
Smith, 52, admitted to U.S. District Judge Susan DeClercq that his scheme took place over 12 years.
He admitted funneling funds through one of his companies and buying luxury homes, real estate in two countries, jewelry, plane flights for NBA, minor league and amateur basketball players and more, reports Robert Snell of the Detroit News.
The plea ends one chapter of a giant embarrassment, but still leaves many questions unanswered, including whether anyone else knew or suspected something was amiss over the many years.
