DETROIT – A federal judge sentenced former Detroit Riverfront Conservancy Chief Financial Officer William Smith to 19 years in prison Thursday for embezzling more than $40 million from the nonprofit organization over an 11-year period.
That is the same number of years he was employed by the conservancy.
Smith pleaded guilty to wire fraud and money laundering charges last year.
The sentence fell between the government’s request for 18 years and the Conservancy’s push for a maximum 20-year sentence.
“It was this community, our community you stole from,” U.S. District Judge Susan DeClercq told Smith during the sentencing.
She added that he “continuously chose greed every day for 12 years.”
Federal prosecutors detailed how Smith misappropriated the nonprofit’s funds to support a lavish lifestyle that included cruises, private jet travel, and designer clothing.
Smith expressed remorse during the hearing.
“I want to be clear, there is no excuse for what I did,” Smith said.
He also acknowledged “the depth of the harm” he caused.
Detroit Riverfront Conservancy Board Chairman Matt Cullen condemned Smith’s actions, describing the former CFO as a snake who only cared about himself.
Acting U.S. Attorney Julie Beck expressed satisfaction with the outcome.
“We are very pleased with the sentence imposed today by United States District Judge Susan DeClercq,” Beck said. “We believe that she carefully considered everything that was in front and imposed a sentence that adequately reflected Mr. Smith’s conduct and the impact on the community.”
Smith will need to self-report to federal prison within 60 to 90 days.
