Detroit Riverfront Conservancy's ex-CFO who stole $40M gets 19 years in prison

After stealing $44M, disgraced ex-Detroit Riverfront CFO Will Smith gets 19 years

Will Smith was sentenced today after stealing more than $44 million from Detroit’s Riverfront Conservancy – money that went missing for more than a decade.

DETROIT (FOX 2) - Will Smith, the Detroit Riverfront Conservancy chief financial officer who stole more than $40 million from the nonprofit, will spend 19 years in prison after pleading guilty to fraud and money laundering that stretched over a decade.

Smith, 52, was sentenced in federal court to 19 years and will have to pay back $48.1 million in restitution with $43.1 million going to the conservancy and $5 million to Citizens Bank to pay back a fraudulent line of credit.

The former CFO of the Detroit Riverfront Conservancy pleaded guilty last fall to the federal charges as he stole money to buy furniture, designer clothing, airline tickets, and more.

Smith was mute walking out of federal court Thursday after being handed a 19-year prison sentence.

FOX 2: "You spoke a lot about redemption and the opportunity to once again work again with the conservancy. Any note on that?"

Smith kept walking with no reply.

Earlier in court he told the judge that he was wrong, and went down a destructive path - hoping he can one day regain trust.

Julie Beck, US Attorney for the Eastern District of Michigan said she believed his apology in court was genuine.

"His regret? Sure. It's hindsight though, right?" she said. "Hindsight is 20/20. One of the things that judge said was … where was that remorse in year one? year five? year 10?

"The impact of that violation of private trust was really important for the court to get it right."

The backstory:

While serving as CFO of the Conservancy, Smith operated a years-long scheme that involved transferring money from the conservancy into bank accounts he controlled. He claimed he had authority to do so, and tried to cover up any wrongdoing, authorities said.

The stolen money was used for everything from investments in businesses and real estate, to contractor work. He also bought furniture, designer clothing, handbags, lawn care services, airline tickets, and more.

Smith admitted to siphoning funds from the conservancy between November 2012 and May 2024.

As part of his plea, he agreed to pay back at least $44.3 million in restitution.

Smith will stay out on bond until he’s order to turn himself in. It’s unclear where he will serve his time, but that will be determined before then. While he technically has 14 days to appeal, Beck says it’s highly unlikely. still her team is preparing just in case.

Dig deeper:

The scheme included diverting funds from the organization's two bank accounts to a private account called "The Joseph Group, Inc.," which Smith controlled by himself. The firm was not an approved vendor for the nonprofit.

Despite that, Smith moved nearly $25 million into the account over a nine-year period.

He also moved almost $15 million into an American Express account he controlled, where he paid off purchases made with several credit cards connected to the bank.

Throughout the scheme, Smith falsified bank statements that he gave to the conservancy's bookkeeper by altering and deleting unauthorized transfers. He also forged signatures in an attempt to secure a $5 million line of credit that he hoped to move into the conservancy's bank accounts to cover his embezzlement.

The Detroit Riverfront Conservancy released a statement:

"We are incredibly grateful to US District Judge Susan DeClercq for imposing a sentence commensurate the damage Will Smith inflicted on the Detroit Riverfront Conservancy and its community of visitors, donors, and supporters."

The Source: Previous FOX 2 stories were used to report this update.