CFO William Smith
His suspected embezzlement had long been pegged at around $40 million.
But a federal prosecutor Monday said during a hearing in U.S. District Court in downtown Detroit that ex-Detroit Riverfront Conservancy CFO William Smith's crimes may have resulted in a loss to the agency of anywhere between $44.3 million to $65 million, according to a report by Robert Snell of the Detroit News.
Smith lived a life of luxury as he duped the agency for 12 years as he siphoned off money. The questions still remains: How could he have possibly stolen that much money over such a lengthy stretch of time with no one noticing? And are there any other accomplices?
Smith was beginning to plead gulity Monday before U.S. District Judge Susan DeClercq when the proceeding was halted.
Smith's attorney Gerald Evelyn outside of court Monday (Deadline Detroit photo)
After a private meeting, Smith's lawyer, Gerald Evelyn, said further discussions with the government were needed before Smith could plead guilty, Snell wrote.
