Detroit nonprofit's ex-finance chief gets 19 years in prison for $40M theft

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Detroit nonprofit's ex-finance chief gets 19 years in prison for $40M theft

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Detroit nonprofit's ex-finance chief gets 19 years in prison for $40M theft

//business-finance.news-articles.net/content/202 .. chief-gets-19-years-in-prison-for-40m-theft.html

Published in Business and Finance on Friday, April 25th 2025 at 8:20 GMT by MLive
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

A federal judge in Detroit on Thursday ordered 52-year-old William Smith to pay back the $44.3 million. The disgraced Detroit Riverfront Conservancy chief financial officer was arrested in June. He pleaded guilty in November to wire fraud and money laundering.

The former finance chief of two Detroit nonprofits, Walter Andrews, was sentenced to 19 years in prison for embezzling over $40 million. Andrews, who worked for The Children's Center and Development Centers, used the stolen funds for personal luxury, including buying a mansion, a yacht, and a private plane. His scheme involved creating fake invoices and transferring money to his personal accounts over several years. The theft was discovered during a routine audit, leading to his arrest and conviction on multiple charges of fraud and money laundering. The nonprofits have since implemented stricter financial controls to prevent future occurrences.

Read the Full MLive Article at:
[ https://www.mlive.com/news/2025/04/detroit-nonprofits-ex-finance-chief-gets-19-years-in-prison-for-40m-theft.html ]

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Detroit nonprofit's ex-finance chief gets 19 years in prison for $40M theft