GM - Up To $40 Million Allegedly Embezzled From Detroit Riverfront Nonprofit | Benzinga
Detroit has endured its fair share of scandals over the years, and a new entry may soon be added to that list.
What Happened: An embezzling scheme reportedly hit the Detroit Riverfront Conservancy, a nationally known nonprofit credited with the revitalization of the land along the Detroit River.
The conservancy placed CFO William A. Smith on leave in May; the ongoing investigation was reportedly delegated to the Federal Bureau of Investigation.
“The investigation includes allegations of falsifying bank records, securing loans and pocketing the proceeds and investing in private, for-profit limited partnerships — for more than a decade,” the report said.
According to ...