Man pleads guilty to stealing millions from major Detroit nonprofit | News, Sports, Jobs

DETROIT (AP) — A man accused of stealing $44 million from a Detroit nonprofit group pleaded guilty Friday to financial crimes that stunned the organization and led to some delays on a major riverfront project.

For years, William Smith controlled the money at the Detroit Riverfront Conservancy, which transformed miles of waterfront along the Detroit River into recreation space with plazas, pavilions and parks.

“We are pleased to see Will Smith begin to be held accountable for his disgraceful actions,” said Chief Executive Ryan Sullivan.

Smith, 52, was arrested in June. Investigators said the chief financial officer routinely used money from the Riverfront Conservancy for travel, hotels, limousines, household items, clothing and jewelry. He worked side jobs in real estate, nightclubs and amateur basketball.

Smith pleaded guilty to wire fraud and money laundering at his trial in Detroit federal court, acknowledging that the group’s losses amounted to at least $44 million. He could face more than 15 years in prison when he goes to trial in March.