Big Storm Brewing sells at auction for $5.5M — far less than what former owner owes fraud victims

Big Storm Brewing sold amid Govoni fraud case

A federal bankruptcy judge recently approved the sale of Big Storm Brewing, which ended up on the auction block as federal prosecutors try to recoup the $100M they say Leo Govoni stole from disabled clients with the Center for Special Needs Trust Administration. FOX 13’s Aaron Mesmer reports. 

CLEARWATER, Fla. - A once popular brewery in St. Petersburg will soon be under new ownership after a federal bankruptcy judge approved the auction sale of Big Storm Brewing, one of the most valuable assets linked to the criminal case against Leo Govoni.

The brewery sold for $5.5 million, a fraction of what federal prosecutors say Govoni owes families whose trust funds were drained through the Center for Special Needs Trust Administration, the non-profit he founded to manage settlements and lifelong care funds for disabled clients.

"It’s just a tiny percentage of what is owed back to all of these people, so it’s just frustrating," said Rebekah Bowman, whose son’s account was being overseen by the center.

Dig deeper:

The sale is part of a broader federal forfeiture effort tied to the criminal prosecution of Govoni, who investigators say stole $100 million over more than a decade using dozens of shell companies to create what prosecutors describe as a slush fund.

READ: Plans to auction Big Storm Brewing approved to recover money for alleged victims of Leo Govoni

Federal authorities have seized more than 100 of Govoni’s businesses and properties. Big Storm Brewing, which later filed for bankruptcy and was placed under court-appointed management, was among his largest remaining assets.

Bowman said the final sale price fell far short of what she and other victims hoped it would bring.

"A lot more than five million dollars was put into growing and financing Big Storm Brewing," Bowman said. "It was kind of a big deal, I think."

Investigators say more than 1,500 trust accounts were fully or partially drained. In many cases, the money was meant to last a lifetime.

Bowman says Govoni stole nearly $1 million from the trust account of her disabled son, Kienan Freeman.

"He’s met my son before and knowing that he’s taking money from these helpless people like that just is beyond me," she said.

The backstory:

Govoni and his longtime accountant were indicted last June on multiple charges, including bank fraud, wire fraud and money laundering. Prosecutors allege Govoni continued fraudulent activity even after learning he was under federal investigation.

The Center for Special Needs Trust Administration filed for bankruptcy two years ago, leaving families scrambling to cover basic living expenses, medical care, and housing.

READ: Lawsuit filed against Pinellas County businessman Leo Govoni, Big Storm Brewing's 'Fat Point Brewing' brand

Govoni is currently being held in jail until his trial.

As part of the auction agreement, the buyer is required to make a $100,000 donation to the Center for Special Needs Trust, which is now overseen by a court-appointed trustee. The filing does not indicate what the buyer plans to do with the brewery.

What they're saying:

Despite the modest recovery, Bowman says every dollar counts, even as families brace for the possibility that much of the money may never be returned.

"He sees the world as a small child, sees the world and everything’s positive. He’s happy and smiling," Bowman said of her son. "And that keeps me going."

Prior to his arrest, Govoni didn’t respond to repeated questions about the allegations against him.