Former Detroit Riverfront Conservancy CFO expresses remorse in embezzlement case, attorneys say
The former CFO of the Detroit Riverfront Conservancy is expressing remorse ahead of sentencing in the $40 million embezzlement case, according to his attorneys.
William Smith's defense team submitted a sentencing memorandum, asking that the court impose a fair sentence and a just sentence and not one driven by sensationalism and other improper influences." The new filing comes a week after federal prosecutors called for an 18-year sentence.
"Since his arrest in this matter, Defendant William Smith has evidenced his remorse and desire for rehabilitation by his extensive and unfettered cooperation with the Government in this matter," attorneys Gerald Evelyn and Robert Higbee wrote.
Smith pleaded guilty in November 2024 to one count of wire fraud and one count of money laundering. As part of his plea agreement, he agreed to pay at least $44.3 million in restitution. Smith served as the Conservancy's CFO from 2011 until he was fired in May amid an FBI investigation.
In the court filing, attorneys said they asked Smith how he felt about his conduct, to which he said, "I am ashamed of what I've done to the city and the project that I love. This behavior is something that I will never show again. My intentions are to continue to work to restore the trust and respect of the community that I let down."
Attorneys included statements from his parents, who described him as a "decent and good man" and said they were not aware of the embezzlement. Additionally, attorneys presented several letters of support reiterating Smith's remorse.
Federal prosecutors said Smith used the money "to live a deeply immoderate lifestyle," including purchasing real estate, clothes, jewelry, and a 35-foot boat and leasing a $200,000 Mercedes-Benz. Court records showed that Smith wire-transferred some of the money into multiple accounts he owned.
The money funded multiple trips, including a yacht for a Mediterranean cruise and a private jet to travel to Las Vegas, according to prosecutors. Smith also leased a Maserati for a woman he was romantically involved with and sent her $3.7 million. Additionally, he attended a Detroit Lions game at the Los Angeles Rams' SoFi Stadium, renting a private suite for $29,000, according to court documents.
Sentencing is scheduled for April 24.
NOTE: The video above previously aired on April 11, 2025.
