According to court records, the former executive, William A. Smith, stole more than $40 million, and perhaps as much as $65 million, from a nonprofit group...
William Smith admitted today to perpetrating a financial crime that is astonishing in its scope and impact... Mr. Smith not only betrayed the conservancy's trust, but he betrayed the trust of the whole community...
Dawn N. Ison, the U.S. attorney for the Eastern District of Michigan, expressed her shock at the scale of the fraud and the harm it has caused...
Mr. Smith, who was arrested in June, pleaded guilty to one count of wire fraud and one count of money laundering, each carrying maximum penalties of 20 years in prison.
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