Disgraced ex-Riverfront Conservancy CFO reports to prison; nonprofit moves forward

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Will Smith walks among a press gaggle outside federal court.

FOX 2 - Disgraced former Detroit Riverfront Conservancy CFO William Smith reported to prison Tuesday after a failed bid to delay his reporting date.

The backstory:

Smith, 52, stole about $40 million from the nonprofit spending the funds on lavish properties and enriched members of his family.  He pleaded guilty in November 2024 to one count of wire fraud and one count of money laundering before United States District Judge Susan K. DeClercq.

DeClercq denied Smith's request for more time before reporting to jail on Monday, requiring him to report Tuesday. His report date was already delayed 60 days in which he claimed he needed medical treatment.

The Riverfront Conservancy released two statements Wednesday about Smith's jail date and how it begins moving forward.

"William Smith is where he belongs - in prison," said Matthew Schneider, the attorney for the conservancy. "He stole from a civic treasure belonging to all Michiganders, the revitalized Detroit riverfront, and now he will be held accountable."

Matthew Cullen, the chairman of the Riverfront Conservancy, talked about what comes next for the nonprofit.

"From the moment the Board discovered his complex embezzlement scheme, the Detroit Riverfront Conservancy team promised to assist in Smith’s prosecution; to reorganize and reform its internal operations; and to push forward with its plans to create the world’s most dynamic and inclusive Riverwalk – 5.5 miles of perpetual public access along the Detroit River," he said in a statement.

In his statement the Conservancy has a new CEO; a new CFO; a new executive in charge of construction; a new COO; a new external auditing firm; a new bank relationship; and three new Board vice chairs.

On Oct. 25-26, the Ralph C. Wilson, Jr. Centennial Park on Detroit's West Riverfront opens to the public. The Park, which was completed for $80 million and spans 22-acres unlocks more of the city’s waterfront, Cullen said.

"Plans are taking shape for a multi-sports complex and youth sports academy on an abandoned industrial site near Belle Isle, according to multiple media reports, a project that supports Detroit’s bid for bringing a WNBA team back to the city," Cullen said.