8 On Your Side investigation: Rick Scott demands answers after $100M goes missing from trust fund
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TAMPA, Fla. (WFLA) — Florida Sen. Rick Scott is calling for action following an 8 On Your Side investigation into the Center for Special Needs Trust Administration after its founder was accused of taking and not repaying $100 million.
Scott was in Tampa on Monday when Investigator Brittany Muller asked him if he plans to write a bill protecting vulnerable families who lost money from their special needs trusts at the center.
In a press release Thursday, Scott said he’s written a letter to the head of the Social Security Administration, seeking answers.
“First off, we need to make sure if you were a fiduciary, you do job as a fiduciary,” Scott said. “I’ll look at it first stuff. That would surprise me that if there’s no oversight, but I’ll find out and if so, I’ll propose something.”
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In the letter to SSA Commissioner Martin O’Malley, Scott demanded information on the administration’s role in the organization and administration of these trusts and their continued compliance with federal law, as well as how the administration coordinates with state government agencies to ensure oversight.
“As you know, organizations like the CSNTA operate as trustees and as such are required to act as fiduciaries for the beneficiaries of the trusts they manage. Importantly, these organizations can be held legally liable for misconduct that violates this responsibility. While the CSNTA’s founder faces criminal and civil investigations for his apparent fraudulent misappropriation of trust monies, and I expect him to be held accountable in a manner which not only punishes criminal activity but also makes the victims of any crimes whole, I also expect the Social Security Administration to act and ensure oversight,” he wrote.
8 On Your Side has reached out to the SSA to comment on the senator’s call for action.
In the past, a representative said a trust is a legal arrangement regulated by state law. “SSA does not instruct the public on how to set up a trust or oversee trust administrations.”
The representative also said “SSA gets involved only if the individual or entity allegedly misusing the funds is also the representative payee.”
You can read Scott’s full letter on his website.
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