Dream Wired
No Result
View All Result
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop
No Result
View All Result
Dream Wired
No Result
View All Result
Home DramaAlert

Former Detroit Non-Profit CFO Pleads Guilty To Financial Crimes

rmtsa by rmtsa
November 17, 2024
in DramaAlert
0
Former Detroit Non-Profit CFO Pleads Guilty To Financial Crimes
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter


You might also like

LaLa Anthony Reportedly Dating NYC Entrepreneur

Kai Cenat Tells Man To Get Out Of His Face At 2025 AMAs After He Uses Daughter To Meet Kai & Promote Kanye West & Free Speech On Livestream

College Students Beware Of Major With High Unemployment Rate

Former Detroit Non-Profit CFO Pleads Guilty To Financial Crimes

by Daniel Johnson

November 17, 2024

Smith pleaded guilty to wire fraud and money laundering charges.

William Smith, a former CFO at the Detroit Riverfront Conservancy, pleaded guilty on Nov. 15 to a battery of financial crimes including the theft of $44 million from the organization which resulted in delays to a major riverfront project.

According to Fortune, the 52-year-old Smith was arrested in June and investigators alleged that he routinely used money from the organization’s coffers for travel, hotels, limousine, clothing and jewelry.

Smith pleaded guilty to wire fraud and money laundering charges in his appearance in court on Nov. 15, and acknowledged that the loss of money for the non-profit was at least $44 million.

Smith could face more than 15 years in prison when he returns to court in March 2025 for his sentencing.

According to Cheyvoryea Gibson, Detroit’s leader of the FBI, “Mr. Smith’s deceitful actions, which spanned for more than a decade, not only broke the trust of his employer but the entire community.”

Conservancy CEO Ryan Sullivan’s statement to the Detroit Free Press, noted that Smith’s actions have led the organization to implement reforms designed to prevent similar situations in the future. Sullivan emphasized that these measures aim to reinforce accountability and ensure greater oversight within the organization.

“We are pleased to see Will Smith begin to be held accountable for his disgraceful actions. We thank the U.S. Attorney’s Office and the Federal Bureau of Investigation for a remarkably speedy and thorough investigation leading to this plea agreement. This is an important step in the process, but our work does not end here,” The statement read.

The embezzlement scheme involved Smith wiring $24 million in funds from the organization to one of his companies and another $15 million to American Express to pay off credit cards held by himself and his family, according to federal prosecutors.

Smith’s fraudulent activity somehow went undetected until March 2024, when an internal audit was initiated and the findings of the investigation were turned over to the Michigan State Police and after that, the FBI.

Smith also allegedly took out a $5 million line of credit in 2023 using paperwork that was allegedly forged to hide the group’s cash flow issues.There is a separate civil forfeiture case and a local civil lawsuit against Smith, both of which are currently ongoing.

Smith has also had $39 million of his assets frozen in the federal case, except for up to $3,421 a month for a rental property Smith maintains. A temporary restraining order allows for the controlled sale of Smith’s property with proceeds preserved for the benefit of Smith’s victims and subject to court approval.

RELATED CONTENT: Former Detroit Nonprofit CFO Evades Guilty Plea In the Middle Of Court Hearing



Source link

Tags: CFOcrimesDetroitfinancialGuiltyNonprofitPleads
Share30Tweet19
rmtsa

rmtsa

Recommended For You

LaLa Anthony Reportedly Dating NYC Entrepreneur

by rmtsa
May 27, 2025
0
LaLa Anthony Reportedly Dating NYC Entrepreneur

La La has been quietly building her media empire with a host of partnerships and projects to her name, but is she also fanning a new flame? Source:...

Read more

Kai Cenat Tells Man To Get Out Of His Face At 2025 AMAs After He Uses Daughter To Meet Kai & Promote Kanye West & Free Speech On Livestream

by rmtsa
May 27, 2025
0
Kai Cenat Tells Man To Get Out Of His Face At 2025 AMAs After He Uses Daughter To Meet Kai & Promote Kanye West & Free Speech On Livestream

Oop! While enjoying the 2025 American Music Awards (AMAs), viral streamer and content creator Kai Cenat wasn’t having it after a man used his daughter to break the...

Read more

College Students Beware Of Major With High Unemployment Rate

by rmtsa
May 27, 2025
0
College Students Beware Of Major With High Unemployment Rate

by Nahlah Abdur-Rahman May 26, 2025 Computer science comes with a surprisingly high unemployment rate for the popular major. It may feel like summer’s just begun, but as...

Read more

Duck Dynasty’s Sadie Robertson Pays Tribute to Grandfather Phil Robertson

by rmtsa
May 26, 2025
0
Duck Dynasty’s Sadie Robertson Pays Tribute to Grandfather Phil Robertson

"It was his testimony that changed his life, our families life, and thousands of others," Sadie wrote of her grandfather, before sharing "one of the last things" he...

Read more

The Last Of Us Season 2 Finale Draws 3.7M Cross-Platform Viewers

by rmtsa
May 26, 2025
0
The Last Of Us Season 2 Finale Draws 3.7M Cross-Platform Viewers

Season 2 of The Last of Us concluded Sunday night with an audience of 3.7M cross-platform viewers in the U.S., per HBO. This is significantly lower than the...

Read more
Next Post
Everything To Expect When Dissolving Fillers – Essence

Everything To Expect When Dissolving Fillers - Essence

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Celebrity
  • Comics
  • DramaAlert
  • Gossip
  • Movie
  • Music
  • TV
  • Uncategorized

CATEGORIES

  • Celebrity
  • Comics
  • DramaAlert
  • Gossip
  • Movie
  • Music
  • TV
  • Uncategorized
No Result
View All Result

Recent News

  • La Fortuna Actor Cast as Jocasta by Marvel
  • Love Is Blind’s Colleen Reed Had Baby Fever Before Matt Bolton Split
  • Sade Robinson’s alleged killer Maxwell Anderson to stand trial

Copyright © 2023 DramaWired.
DramaWired is a content aggregator and not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop

Copyright © 2023 DramaWired.
DramaWired is a content aggregator and not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In