DETROIT — During a recent court session, the legal representatives of a man charged with embezzling over $40 million from a well-known nonprofit organization in Detroit announced a delay in his guilty plea.

William Smith, who has been overseeing financial operations at the Detroit Riverfront Conservancy for several years, indicated to the presiding judge that he was ready to admit guilt concerning charges of wire fraud and money laundering. However, a prosecutor proceeded to outline significant aspects of the plea deal, including the potential for a lengthy prison sentence exceeding 15 years.

Following a short break and private discussions between the involved parties, Smith’s lawyer, Gerald Evelyn, re-entered the courtroom to request additional time to deliberate. The specifics surrounding this request were not disclosed, and no new date for a court appearance has been announced.

Arrested in June, Smith, 52, allegedly misappropriated funds from the Riverfront Conservancy to cover personal expenses such as credit card bills linked to travel, accommodation, luxury cars, household items, apparel, and jewelry. U.S. Attorney Dawn Ison previously characterized the scale of the fraudulent activity as “astonishing.”

Prior to the hearing’s adjournment, Assistant U.S. Attorney John Neal revealed that Smith and his legal team had acknowledged that the confirmed loss could be at least $44.3 million, with indications that it might be even greater.

The Riverfront Conservancy is dedicated to revitalizing the stretch of shoreline along the Detroit River, aiming to develop areas for public use that feature plazas, pavilions, and green spaces. Its board is made up of influential figures from Michigan’s business and political arenas.