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The STRUCTURED SETTLEMENTS 4REAL® Blog is a highly regarded source for structured settlement news, information, and commentary, led by structured settlement and settlement planning subect mater expert John Darer CLU ChFC MSSC CeFT RSP CLTC. With two decades of operation, the blog and 4structures.com are recognized as comprehensive resources, offering detailed guides and specialized insights. Established in 2005, the blog caters to a broad audience, including legal professionals, injured individuals, families, and various stakeholders, providing reviews and opinions on settlement planning. John Darer, President of 4structures.com LLC, is a seasoned structured settlement expert with over 40 years of financial services experience and 31 years specializing in structured settlements. Based in Stamford, CT, he is a Certified Financial Transitionist and Registered Settlement Planner, holding insurance licenses in 45 states and the District of Columbia. John Darer is dedicated to transparency and advocacy, he emphasizes the importance of engaging trained and licensed professionals for settlement planning, offering valuable insights through his investigative journalism and professional commentary.
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Fiduciary Doody | $100M Loan to Boston Financial from Special Needs Trusts on Personal Guarantee

Fiduciary Doody | $100M Loan to Boston Financial from Special Needs Trusts on Personal Guarantee

March 5, 2024
 
by John Darer CLU ChFC MSSC CeFT RSP CLTC

There was a veritable flood of information disclosed today in the Center for Special Needs Trust  Center for special needs trust adminstartion chapter 11Administration Chapter 11 Bankruptcy

However, there was no information about Boston Financial Group’s actual use or intended use of the money. On May 3, 2024, the Bankruptcy Trustee served a subpoena for the records, files, etc., on Boston Asset and Boston Financial. 

But Leo J. Govoni PERSONALLY guaranteed the loan!

The Trustee in Bankruptcy has alleged in a comprehensive Complaint filed against Boston Financial Group an outstanding indebtedness to the debtor (Center for Special Needs Trust Adminstration) of $142,000,000 (Principal of $100MM and accrued interest of approximately $42MM), with a personal guarantee by Leo J.Govoni.
 
Source: Epiq website tracking the case

Mind-numbing numbers which began in 2009 under a “revolving line of credit” that was amended on numerous occasions, until the circus tent collapsed of course in 2022-2023.  

Simply gobsmackingly astonishing stuff! 

Centers for special needs trust boston financial group loans

 
 
 
 

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Posted in Boston Financial Group lawsuit, Fiduciary “Doody”, Leo Govoni Boston Financial Group, Leo Govoni Guarantee, Leo Govoni Lawsuit, Pooled SNT Chapter 11, Pooled SNT Lawsuit
←Insurer Insolvency Exclusions in Agents/Brokers Errors & Omissions Insurance Policies
Center for Special Needs Trust Administration Chapter 11 | 11 of Top Unsecured Creditors Owed $1MM Plus!→

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