Posted on 03/05/2024 2:13:24 PM PST by devane617
TAMPA, Fla. — Cheryl Martin’s leg was amputated in 2022 after her car was hit by an Uber driver that crossed the median close to U.S. 19 and Alderman Road, sending her into a ditch.
She agreed on a settlement for more than $1 million in damages and put more than $700,000 into a trust fund to replace her lost income from no longer being able to work and to pay for ongoing medical expenses. Martin, 59, hoped to also buy a home, “something very small, just for me.”
But earlier this month, Martin was devastated when she received a notice that the nonprofit that administers her trust and some 2,000 others has filed for bankruptcy protection after discovering that $100 million is missing from their accounts. Almost $400,000 is missing from her trust fund.
“I’ve been crying, crying, crying,” said Martin, speaking from her sister’s home in Reno, Nev.
In its Feb. 9 bankruptcy filing, The Center for Special Needs Trust Administration states that the group’s founder, Leo Govoni, took money from more than 1,500 trust funds through an unsanctioned loan to the Boston Finance Group, a company he owned. The nonprofit plans to pursue his companies as part of its bankruptcy process.
(Excerpt) Read more at disabilityscoop.com ...
Ten percent for the Big Guy.
look for his campaign contributions
Where I come from there’s a saying... not your keys, not your coins...
Giving in his own name or through numerous businesses registered at the same addresses in Clearwater, Govoni has given hundreds of thousands of dollars over the last several years to state, local and federal candidates, the vast majority to Republicans.
Dude hasn’t missed a whole lot of meals.
Sounds like a stereotypical mob-boss name.
This is straight out of “American Greed”. It reminds me of the episode of a fraudster who’d buy up insurance companies (who have to keep large piles of cash in escrow to pay policy filers) and raid them dry.
My son works for a non-profit that administers trust funds. Shortly after starting, he discovered some shenanigans and reported them. They fired his boss and seem to be pursuing criminal charges against her.
Take home message: If you rely on one of these organizations, do your due diligence on them. Watch them like a hawk. My son is honest, and I believe the organization he works for is honest, but there are folks who see the people in whose names the trusts exist as vulnerable and are willing to take advantage of them.
Cut off his leg
Man, this is a brutal story. This guys stole from a whole lot of people who were really gonna need that money. I hope his entire family is out in the poor house and all proceeds go to the people who lost everything. Something needs to be done to make these people whole again.
Would such bought goodwill from politicians keep him out of jail? Is Menendez counting on that too? I doubt he will get a generous plea deal now, even if he sought it. Who could he roll over on, of interest, who wouldn’t just have him killed for it?
Most likely there are no assets or real property to attach any settlement too.
This guy probably had several shell companies he was moving money through.
Sounds about right.
“Man, this is a brutal story. “
Yes it is. And according to an above post a Repub supporter. That is why I am surprised they has not made the NYTimes or other national media.
Democrat presidential candidate, media darling and convicted/disbarred embezzler Avenatti did the same thing.
Low of the low, scummiest crime to steal from disabled.
“not your keys, not your coins...”
What does that mean?
I guess the money was “lost” to the victims, but the crook didn’t “lose” it to poor investments. He deliberately stole the money. It went somewhere. Plaintiff’s lawyers need to get it back from every crooked hand and company that enled this heist, plus massive damages.
It means, if you give your money to someone to hold then they have the keys to your money. IOW, as long as someone else hold the keys it’s their money.
In cryptocurrency you can leave your assets on an exchange (like leaving money in the bank). But if you are sensible you withdraw any cryptocurrency to a wallet, which can be on your computer or phone, or a specialized device similar to a flash drive, or even a paper wallet. The wallet contains the private keys without which the funds cannot be spent. So “not your keys, not your coins” is a reminder that leaving assets under the control of a 3rd party means you cannot have confidence that they won’t be stolen/lost at some point.
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