Detroit Riverfront CFO sidelined amid criminal investigation by Michigan State Police

Violet Ikonomova, Detroit Free Press
Updated ·1 min read

The Detroit Riverfront Conservancy has placed its chief financial officer on leave amid a criminal investigation over potential financial mismanagement.

CFO William A. Smith was sidelined after Detroit Riverfront Conservancy Board Chairman Matt Cullen said he “became concerned about the accuracy of management reports and financial statements” and sought an independent audit.

Michigan State Police opened an investigation involving the Riverfront Conservancy on Tuesday, a spokesman for the law enforcement agency said without providing further specifics.

Founded in 2003, the conservancy is a nonprofit that has received hundreds of millions of dollars from government, private, and philanthropic sources for the development of 5.5 miles of riverfront between the Ambassador and Belle Isle bridges.

Smith has served as CFO since at least 2015 and was earning $242,155 as recently as 2022, IRS records show.

The audit was conducted by PricewaterhouseCoopers and legal counsel was provided by the Honigman Law Firm and its investigative partner, former U.S. Attorney Matthew Schneider, Cullen said in a statement.

Detroit Riverfront Conservancy Chief Financial Officer William Smith speaks during a press conference before the groundbreaking to expand the East Riverfront at the former Uniroyal site along the Detroit River on May 12, 2021. The final section will complete the goal of 3.5 miles of Riverwalk connecting river from parks and Belle Isle.
Detroit Riverfront Conservancy Chief Financial Officer William Smith speaks during a press conference before the groundbreaking to expand the East Riverfront at the former Uniroyal site along the Detroit River on May 12, 2021. The final section will complete the goal of 3.5 miles of Riverwalk connecting river from parks and Belle Isle.

“Based on Honigman's recommendation, we have placed the conservancy's chief Financial Officer on leave,” the statement said. “We have also forwarded financial records to the Michigan State Police and request a criminal investigation."

Cullen says he will oversee the organization's operations while the investigation is underway.

"The riverfront is a beloved and important asset to the community and we are committed to building a vibrant space for all metro Detroiters to enjoy," his statement said. "The project is moving ahead and will be stronger because of what we learn from the board controlled internal review in the state police investigation."

Reporter Christine MacDonald contributed to this report. Violet Ikonomova is an investigative reporter at the Detroit Free Press. Contact her at vikonomova@freepress.com.

This article originally appeared on Detroit Free Press: Detroit Riverfront CFO sidelined amid criminal investigation