Judge to decide if Clearwater businessman faces criminal contempt in $100M trust fund case
A federal judge in Tampa will decide Thursday whether to refer Clearwater businessman Leo Govoni for criminal contempt.
Govoni is accused of taking more than $100 million from special needs trust funds.
Families relying on the trust money are still trying to recover their losses.
TAMPA, Fla. - A high-stakes hearing is set for Thursday morning inside Tampa's federal courthouse – one that could escalate a long-running trust fund scandal into criminal proceedings.
The backstory
Leo Govoni, a Clearwater businessman, is accused in federal court of taking more than $100 million from medical trust funds managed by the Center for Special Needs Trust Administration, which he founded. The money was intended to cover medical and living expenses for people with disabilities and serious injuries.
The trust center filed for bankruptcy in February 2024 after records showed the money was loaned to Govoni's private company, Boston Finance Group, but never repaid. Bankruptcy estate attorneys say Govoni has failed to fully disclose what happened to the funds, including proceeds from roughly $5 million in real estate sales.
PREVIOUS: Over 100 businesses seized from Pinellas businessman accused of taking $100M from special needs trusts
U.S. Bankruptcy Judge Roberta Colton previously found Govoni in civil contempt in April for failing to turn over financial records. At Thursday's hearing, she could decide whether to refer the case to federal district court for criminal contempt, which could lead to charges and prison time.
Court records show Govoni spent lavishly, using trust fund money on a $3.4 million private jet, trips to the Kentucky Derby, large political contributions, and real estate investments. The FBI, IRS, and SEC are also investigating.
RELATED: Lawsuit filed against Pinellas County businessman Leo Govoni, Big Storm Brewing's 'Fat Point Brewing' brand
Why you should care
Many families who relied on the trust funds have been left without critical financial support. Megan Murray, an attorney representing impacted families, told FOX 13 News last month:
"It feels like a complete disregard for the victims and welfare and what they've been through over the last decade or so. The victims deserve better, and it was unfortunate to hear some of the things that were testified to because the victims are really at a loss. A lot of them are fully compromised. They don't have alternative resources."
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The Source
Details for this report were gathered from federal court records, public bankruptcy filings, and prior FOX 13 News reporting.
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