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The Detroit Riverfront Conservancy, responsible for revitalizing Detroit’s riverfront, was rocked by scandal as its former CFO, William Smith, was accused of embezzling $40 million. Smith allegedly used the funds for personal expenses like travel, hotels, and luxury items.
Smith, who was fired in May after serving as CFO since 2011, faced charges of bank and wire fraud. Despite being released on bond, he has remained silent on the accusations. The scandal has deeply impacted the philanthropic community invested in the conservancy’s projects.
The Detroit Riverfront Conservancy aims to create recreational spaces along the river, attracting donations from notable figures like the late Buffalo Bills owner, Ralph C. Wilson Jr. The board of directors, comprising business leaders and officials, expressed shock and determination to rectify the damages caused by Smith’s actions.
As the city grapples with the aftermath of this financial misconduct, it serves as a stark reminder of the importance of transparency and accountability in the management of public funds.
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