Michigan Man Pleads Guilty In Massive Embezzlement Case
Being in charge of a business, large company, or organization can be a lot of work that becomes stressful, especially when all the eyes are on you. You have to manage an entire team of hundreds or maybe even thousands of people and keep track of all the important details. This can be a lot to handle and often times things fall through the cracks.
That was the case in Detroit, Michigan where a nonprofit organization saw themselves in the middle of a very high-profile case. The Detroit Riverfront Conservancy (DRC) is responsible for upgrading, transforming, and improving the shore along the Detroit River with attractions, parks, plazas, recreation space and more.
William "Will" Smith, interesting name, was in charge of handling and controlling the money for the DRC. For a while, there were no concerns of funny business as the DRC was doing a great job of changing the shore, but slowly things began to seem fishy to the board members and higher ups.
The DRC board consists of prominent people in Michigan business and government, and they quickly disapproved of Smith and his actions. The following quotes were provided about the situation:
“We are pleased to see Will Smith begin to be held accountable for his disgraceful actions,” Chief Executive Ryan Sullivan
“Mr. Smith’s deceitful actions, which spanned for more than a decade, not only broke the trust of his employer but the entire community,” said Cheyvoryea Gibson, FBI Lead
As you can see, the FBI was involved as the case was brought forward in federal court. The 52-year-old Smith was arrested in June and was accused of using funds from the DRC to pay for limousines, travel, lodging, jewelry, and many other personal expenses. He was also known for time he spent on his side hustles in the real estate, amateur basketball, and nightclub businesses.
Smith pleaded guilty to wire fraud and money laundering admitting that the DRC's losses would surmount $44 million, and he could be facing up to 15 years in prison when he returns to federal court in Detroit in March. The DRC board has said the theft and legal processes has been the cause for some of the delays on some of the riverfront projects.