DETROIT — A man has admitted guilt for stealing $44 million from a nonprofit organization in Detroit, a situation that has left the organization in shock and resulted in postponements to a significant riverfront project.

William Smith, who held the financial reins at the Detroit Riverfront Conservancy, had been in charge of funds aimed at transforming the river’s shoreline into an expansive recreational area featuring parks, plazas, and pavilions.

“We are glad to see Will Smith starting to face the consequences for his deplorable actions,” stated Chief Executive Ryan Sullivan.

At 52 years old, Smith was taken into custody in June. The investigation revealed that as the chief financial officer, he frequently used funds from the Riverfront Conservancy for personal expenses, which included extravagant travel, hotels, limousines, and purchases of household items, clothing, and jewelry. Additionally, he was involved in various side businesses such as real estate, nightlife, and amateur basketball.

In a federal court appearance in Detroit, Smith pleaded guilty to charges of wire fraud and money laundering, admitting that the organization suffered losses exceeding $44 million. He is expected to face a sentence of more than 15 years in prison following his court appearance scheduled for March.

Due to the significant financial misconduct, the Riverfront Conservancy has announced that it will have to postpone parts of its riverwalk development initiative. The board overseeing the organization features many notable figures from Michigan’s business sector and government.

“Mr. Smith’s actions, characterized by deceit over a period of more than ten years, not only violated the trust of his employer but also impacted the trust of the entire community,” remarked Cheyvoryea Gibson, the head of the FBI in the Detroit region.