Former Detroit Riverfront Conservancy CFO embezzles over 40 million dollars

Ex-Detroit Riverfront Conservancy CFO William Smith pleaded guilty to wire fraud and money laundering. Setting the stage for a sentencing hearing that could yield an up to 20 year prison term for the man responsible for some of the worst graft in recent Detroit history. The 52 year old agreed to pay at least 44.3 million in restitiution for his theft from the non-profit, which occurredover a decade and helped support what prosecutors have characterized as his lavish lifestyle.