DETROIT (WWJ) -- A former executive who pleaded guilty to stealing millions of dollars from the Detroit Riverfront Conservancy will spend nearly two decades behind bars.
A federal judge on Thursday sentenced William Smith, the ex-CFO of the Detroit Riverfront Conservancy CFO, to 19 years in prison.
Smith, 52, pled guilty to a massive fraud scheme in which prosecutors said he embezzled over $40 million that was supposed to be used to beautify the Detroit Riverfront.
Instead, he used the money to support his lavish lifestyle.
"What I can say is that Mr. Smith was really good at hiding what he was doing, at concealing his true activities," said Acting U.S. Attorney Julie Beck. "And he was purposeful and happy and engaged on the one hand, and on the other hand was stealing from the people that he trusted and worked with every day."
Smith told the judge he is remorseful and has no excuses for what he did.
As part of his sentence, Smith was also ordered to pay $48,000 in restitution to the city.