The Detroit Riverfront Conservancy finance chief, William Smith, was charged with embezzling $40 million from the nonprofit organization. Smith’s arrest shed light on his extravagant lifestyle, which included a million-dollar suburban home, a piece of a famous northern Michigan resort, and a small Southfield nightclub that received a taxpayer bailout.
Smith’s financial crimes, one of the largest in local history, were uncovered through property records, tax filings, and court documents. Despite earning less than $250,000 a year, Smith managed to acquire multiple properties and businesses, including a cigar lounge project in Detroit and an investment in Michigan’s historic “Black Eden.”
The FBI investigation revealed that millions of dollars stolen from the conservancy were unaccounted for, with Smith using phony documents and forged signatures to cover up his embezzlement. His wife, Kimberly Smith, filed for divorce, claiming ignorance of the family’s assets and expenses.
Smith’s business empire, detailed in state records, included a variety of companies linked to his properties. One notable project was the Discretion Cigar Bar, located in a historic carriage house near Detroit’s RiverWalk. The project faced delays and financial challenges, with uncertainty surrounding its future.
Despite his financial crimes, Smith continued to expand his real estate holdings, including the purchase of the Idlewild Party Store in northern Michigan. The full extent of his assets and business dealings remained unclear, as the FBI investigation continued to unravel the tangled web of Smith’s financial schemes.
