American Momentum Bank Faces Class Action Over $100M Tampa Special Needs Trust Scheme

A class action accuses American Momentum Bank of aiding and abetting the theft of more than $100 million from special needs trust beneficiaries, brought on behalf of approximately 6,000 victims whose funds were held at the bank. The case stems from a decade-long scheme run through a Tampa-area nonprofit that managed trust funds for some of the most vulnerable people in America — disabled children, catastrophic injury survivors, and people with severe mental illnesses. No settlement has been reached. This is an active lawsuit in federal bankruptcy court.

Quick Facts: American Momentum Bank Class Action

Field	Detail
Lawsuit Filed	October 2025 (first suit); January 2026 (second suit filed by bankruptcy trustee)
Defendant	American Momentum Bank
Alleged Violation	Aiding and abetting breach of fiduciary duty; knowing assistance in trust fund theft
Who Is Affected	Approximately 6,000 special needs trust beneficiaries nationwide (2009–2024)
Current Court Stage	Active adversary proceeding — motion to dismiss pending; documentary discovery underway
Court & Jurisdiction	U.S. Bankruptcy Court, Middle District of Florida
Case Name & Number	Goldberg v. American Momentum Bank (In re Center for Special Needs Trust Administration, Inc.), No. 8:25-ap-00347 (Bankr. M.D. Fla.)
Trustee’s Law Firm	Kozyak Tropin & Throckmorton LLP
Bank’s Defense Firm	Carlton Fields PA
Next Hearing Date	TBD — case management ongoing; jury trial for criminal defendants set for June 2026 term
Official Case Website	DOJ victim information: justice.gov/usao-mdfl/Govoni
Last Updated	May 8, 2026

What Is the American Momentum Bank Lawsuit About? Goldberg v. American Momentum Bank, No. 8:25-ap-00347

The Center for Special Needs Trust Administration — a Clearwater, Florida nonprofit — funneled stolen money through an elaborate network of accounts held at American Momentum Bank. Attorneys allege the bank was willing to cater to Govoni to keep him happy, “willfully supporting the Center’s breaches of fiduciary duty.”

Leo Govoni, 67, and his accountant John Witeck, 60, were indicted in June 2025 for a wire fraud, mail fraud, and money laundering scheme that spanned 15 years. Govoni co-founded the Center for Special Needs Trust Administration in 2000. The Center held funds for thousands of people with disabilities — money that typically came from personal injury settlements or medical malpractice recoveries, set aside specifically to cover housing and medical care for people who cannot work or fully care for themselves.

More than 2,000 special needs trusts set up to pay medical and living expenses were compromised, with many completely drained by Govoni. The theft forced the Center into bankruptcy in February 2024, with losses including interest now totaling $150 million. The class action targets the bank for its alleged role in letting it happen. For context on how bank-enabled fraud cases move through federal court, see our breakdown of the Valve antitrust class action on AllAboutLawyer.com and how financial institution liability is argued in similar proceedings.

Are You Part of the American Momentum Bank Class Action Lawsuit?

This case was brought by Chapter 11 bankruptcy trustee Michael Goldberg on behalf of the victims. Here is how to know whether you or a family member may be part of this class.

You may be part of this class if you:

• Were a beneficiary of a special needs trust administered by the Center for Special Needs Trust Administration between 2009 and 2024
• Had funds deposited at American Momentum Bank through the Center — specifically at the bank’s Urban Centre Branch on West Kennedy Boulevard in Tampa
• Are a permanently disabled individual, a catastrophic injury survivor, or a person with a severe mental illness whose trust funds went missing or were partially drained
• Are a family member or legal guardian of such a person whose trust account with the Center was compromised
• Were a victim of medical malpractice or serious personal injury and had your settlement proceeds placed in a Center-managed trust

You are likely NOT included if you:

• Held a personal bank account directly at American Momentum Bank unrelated to the Center
• Had funds with a different special needs trust administrator

The class action lawsuit represents 6,000 victims nationwide who entrusted their money at the Center for safekeeping between 2009 and 2024. These victims include permanently disabled children, victims of catastrophic injuries and medical malpractice, and people suffering from severe mental illnesses.

Related article: Mercedes-Benz Recalls 144,049 Vehicles Over Instrument Panel Blanking While Driving

If you believe you or a family member was a Center beneficiary and have not yet been contacted about the bankruptcy proceedings, you can submit information to the FBI’s victim questionnaire at fbi.gov or contact the U.S. Attorney’s office victim line at (866) 482-9913.

What Are Plaintiffs Seeking From American Momentum Bank?

This is not a settlement — no money is available right now, and no claim form exists. The bankruptcy trustee is pursuing the bank in court to recover as much of the stolen money as possible for the victims.

The lawsuit accuses American Momentum Bank of relaxing its banking regulations to accommodate the theft of trust funds for more than a decade. Without the bank’s misconduct, the lawsuit states, Govoni’s scheme would have been discovered long ago.

Momentum allowed wire transfers out of Center accounts initiated by employees of Govoni’s who had no authority to move the funds. It also allowed its letterhead to be used on false account statements the Center sent to trust fund holders, vouched for funds that were not present, and charged bank fees for Govoni’s business accounts to the Center.

Attorneys alleged that this enabled Govoni to fund his other business ventures and buy, among other things, real estate, a private jet, and box seats to the Kentucky Derby and the Tampa Bay Lightning.

The bank denies all of this. American Momentum Bank stated: “Our hearts go out to those who were — and continue to be — impacted by the appalling allegations regarding Mr. Leo Govoni and The Center for Special Needs Trust Administration. At no time did American Momentum Bank knowingly assist Mr. Govoni in perpetrating any fraud, and American Momentum Bank plans to vigorously defend itself in the court of law.”

In its motion to dismiss, American Momentum argued that the complaint failed to plead the “actual knowledge” required under Eleventh Circuit law to support an aiding-and-abetting claim against a financial institution. The bank contended that allegations concerning atypical transactions, commingling of funds, or other purported warning signs amount to claims that the bank should have known of misconduct — which is insufficient as a matter of law.

What Should You Do If You Were Affected?

Right now, the bankruptcy trustee is acting on behalf of the victims. Here is what you should do.

• Do not wait for someone to contact you. If you think a family member’s trust was held at the Center, contact the bankruptcy estate directly. The trustee is Michael Goldberg, reachable through Kozyak Tropin & Throckmorton LLP.
• File your victim information with the FBI. The FBI is actively gathering victim information at fbi.gov. This is voluntary but helps document the scale of harm.
• Contact the U.S. Attorney’s victim line. The Middle District of Florida has a toll-free victim line: (866) 482-9913.
• Save all records. Any paperwork related to the Center — account statements, correspondence, trust documents — could be important. Do not discard anything.
• Consult a consumer rights lawyer. A class action lawsuit attorney can advise you on whether you have individual claims beyond the bankruptcy proceeding. A free legal consultation is a reasonable first step, especially for families whose loved ones lost significant funds for housing or medical care.
• Do not pay anyone to file a claim. Participation in the bankruptcy proceeding is free.

American Momentum Bank Lawsuit Timeline

Milestone	Date
Center for Special Needs Trust files for bankruptcy	February 2024
First civil class action filed against bank	October 2025
Leo Govoni & John Witeck federally indicted	June 2025
Govoni & Witeck plead not guilty	June–July 2025
Bankruptcy court denies bank’s request to stay the lawsuit	November 21, 2025
Second adversary lawsuit filed by bankruptcy trustee	January 2026
Criminal jury trial (Govoni & Witeck)	Scheduled for June 2026 term
Motion to dismiss ruling	TBD — pending before Bankruptcy Court, Middle District of Florida
Expected victim recovery timeline	TBD — depends on litigation outcome and available assets

Frequently Asked Questions

Is there a class action lawsuit against American Momentum Bank? 

Yes. The adversary class action is Goldberg v. American Momentum Bank (In re Center for Special Needs Trust Administration, Inc.), No. 8:25-ap-00347, pending in the U.S. Bankruptcy Court for the Middle District of Florida. It accuses the bank of knowingly enabling a decade-long theft from special needs trust accounts.

Do I need to do anything right now to be included?

 If you were a Center beneficiary, the bankruptcy trustee is already acting on your behalf. You do not need to file a separate lawsuit. However, registering with the FBI victim database and contacting the trustee directly can help protect your interests during the recovery process.

When will a settlement be reached in the American Momentum Bank case?

 No timeline exists yet. The court denied the bank’s request to stay the case in November 2025, and documentary discovery is currently underway while the bank’s motion to dismiss is still pending. Cases of this complexity often take years to resolve.

Can I file my own lawsuit against the bank instead of joining the class action?

 Possibly. Anyone with individual damages above and beyond what the class action may recover can explore a separate claim. A consumer rights lawyer with experience in financial institution liability can review your specific situation and advise whether an individual case makes sense.

How will I know if a recovery fund is established for victims?

 The bankruptcy court will notify creditors and beneficiaries through the claims process. You can also monitor the case docket on PACER using case number 8:25-ap-00347. The DOJ victim page at justice.gov/usao-mdfl/Govoni is updated periodically.

What did Leo Govoni allegedly do with the stolen money?

 Attorneys allege the stolen money funded Govoni’s other business ventures and purchases including real estate, a private jet, and box seats to the Kentucky Derby and the Tampa Bay Lightning. He and his accountant have both pleaded not guilty and are presumed innocent unless found guilty at trial.

What is the bank’s defense?

 American Momentum Bank argues the complaint failed to plead the “actual knowledge” required under Eleventh Circuit law to support an aiding-and-abetting claim. The bank says that allegations of atypical transactions or warning signs fall short of proving the bank knew about the fraud — and that providing routine banking services does not constitute substantial assistance in a fiduciary breach.

What happened to the Center for Special Needs Trust Administration? 

The Center filed for Chapter 11 bankruptcy in February 2024. A court-appointed Chapter 11 trustee, Michael Goldberg, is now overseeing the wind-down and attempting to recover assets for the victims. The nonprofit is no longer operating.

Sources & References

• U.S. Department of Justice, Middle District of Florida — United States v. Leo Govoni et al., Case No. 8:25-cr-299-VMC-NHA: justice.gov/usao-mdfl/Govoni
• JD Supra / King & Spalding — “Bankruptcy Court Denies Stay in Class Action Alleging $100 Million Special Needs Trust Fraud,” February 6, 2026: jdsupra.com

Prepared by the AllAboutLawyer.com Editorial Team and reviewed for factual accuracy against U.S. Department of Justice court records, WFLA investigative reporting, Tampa Bay Times coverage, and the JD Supra legal analysis of the bankruptcy court ruling on May 8, 2026. Last Updated: May 8, 2026

Disclaimer: This article is for informational purposes only and does not constitute legal advice. Leo Govoni and John Witeck have pleaded not guilty and are presumed innocent unless and until found guilty in a court of law. Legal claims and outcomes depend on specific facts and applicable law. For advice regarding your particular situation, consult a qualified attorney.