‘There’s nothing left in there:’ $100M missing from St. Pete trust fund company for people with special needs
ST. PETERSBURG, Fla. (WFLA) — A Tampa Bay area father who counted on a local nonprofit to handle a trust fund designed for his daughter’s long-term care feels duped.
He turned to 8 On Your Side, saying all of his daughter’s money went missing and he’s not the only one.
The man who founded the Center for Special Needs Trust Administration is now accused of taking and not repaying $100 million. The nonprofit has since filed for bankruptcy and a South Florida law firm has filed a lawsuit in the case.
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Louis Capasso is a single dad who worries about both of his daughters, but especially Elena.
“Elena is only 23, she has her whole life ahead of her,” said Capasso.
Elena was born with Down syndrome. Capasso says at birth, a doctor made a mistake and Elena and her family received enough money that was supposed to take care of her for the rest of her life.
“I want to follow my dreams and get my own job,” said Elena. “I would like to be make my own music and to make my own movies.”
In 2003, when she was 2 years old, Capasso said a special needs trust fund was created to manage that money through the Center for Special Needs Trust Administration. The nonprofit based in St. Petersburg has been holding vulnerable people trusts for 24 years.
“Her dental work, eye exams, a bedroom set,” said Capasso about the what he’s used the money for to care for Elena.
On Feb. 9, the center filed for bankruptcy.
“I received a letter in the mail about four weeks ago,” he said. “It’s her yearly statement investment what she has in there. A week later, three weeks ago, I get a letter in the mail saying the account has been depleted. There’s nothing left in there.”
Capasso said Elena had $250,000 in her trust. He said annual reports of his daughters account showed that money was slowly depleting year after year, and as of last month, that money is all gone.
“This money was put in there for her and her future,” said Capasso.
The center said the Chapter 11 Bankruptcy filing was necessary because the center’s new leadership discovered that two years ago $100 million of trust fund dollars for people with special needs disappeared. The center turned to a Tampa law firm to investigate. The firm discovered the money was paid out through a loan from 2009-2020 to Boston Finance Group, a company controlled by the center’s founder, Leo Govoni.
The loan was to be re-paid in full no later than Jan. 1, 2017, but the center said despite that deadline, Boston Finance Group continued to draw funds.
Despite the center’s demands for all records and repayment of the loan from Govoni, the center says, so far, they have received nothing from him or his company.
8 On Your Side wanted to ask Govoni about the missing money, but despite calls and e-mails to both Govoni and his attorney, we’ve heard nothing in response.
Louis Capasso believes Govoni needs to be held accountable.
“You didn’t care about these kids’ futures,” said Capasso. “What’s going to happen down the line when the parents aren’t here no more to take care of the kids.”
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According to the bankruptcy filing summary, more than 1,000 trust fund accounts have either been partially or completely drained since 2009.
“And this is the people that you stole from kids like this it’s awful, awful,” said Capasso.
“I really do want my money back,” said Elena.
While Elena doesn’t understand the magnitude of her missing money, she does know her father is upset.
“Because I love you in the heart,” said Elena.
“Always in your heart,” said her dad.
“And to follow my dreams,” said Elena.
Ten days after the Center for Special Needs Trust Administration filed for bankruptcy, a Palm Beach County family filed a class action complaint against Govoni, his company as well as several other defendants.
The firm said those individuals, including Elena, who saw their trust fund accounts drained can fill out a questionnaire with Leeder Law to see if they qualify to join suit.
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