DETROIT (WWJ) -- With more than $40 million missing from the Detroit Riverfront Conservancy, the non-profit has officially launched a probe to try and find some answers.
The story broke this week via the Detroit News that a litigation committee had been formed to pursue legal action against the Detroit Riverfront Conservancy’s former chief financial officer, William Smith.
Smith was fired from the organization last week over alleged financial mismanagement, while longtime conservancy CEO Mark Wallace resigned after the money was discovered missing.
According to the Detroit News, the litigation committee will consist of several high-profile local leaders, including conservancy board chairman Matt Cullen, Kresge Foundation Chief Financial Officer Amy Robinson, and Greektown Casino executive Marvin Beatty.
The committee will pursue legal action against Smith and anyone else who may have played a part in the missing money, though sources tell the Detroit News that there has been no indication that ex-CEO Mark Wallace was aware that the millions of dollars had been taken.