CFO William Smith
The figure is astronomical, if true.
The embezzlement from the Detroit Riverfront Conservancy could reach $40 million, Detroit News columnists Nolan Finley and Daniel Howes report, citing four sources close to the investigation.
The FBI is investigating CFO William A. Smith, who has been placed on leave pending the probe into possible financial mismanagement. The News reports that the probe involves allegations of falsifying bank records, securing loans and pocketing the proceeds and investing in private, for-profit limited partnerships.
If it turns out that the $40 million figure is accurate, it would rank among the city's biggest scams, the columnist note.
