SAN MARCOS, Calif.--(BUSINESS WIRE)--CPT Institute, a 501(c)(3) charity and nonprofit trustee that operates in all 50 states and US territories, was selected by the Florida bankruptcy court after being vetted by the FBI, to take over the administration of trusts that had been managed by the Center For Special Needs Trust Administration based in St. Petersburg, Florida. The Center filed for bankruptcy earlier this year and is under an FBI criminal investigation after its founder was accused of stealing $150 million from client accounts.
The alleged theft impacted over 2,000 Center clients, many severely disabled, who are now left with little or nothing in their trust accounts. Clients are in 40 states with the majority in Florida followed by New York and Kentucky.
“The Center For Special Needs Trust Administration was supposed to place personal injury lawsuit settlement funds into trusts so that injured parties would be able to preserve their government benefits eligibility,” says Will Lindahl, CPT Institute Executive Director. “The Center was then expected to regularly disburse trust money to clients to pay for living and medical expenses. Instead, the money was drained from their accounts, loaned to the Center’s founder and never repaid.”
CPT Institute has offices in Tampa, Florida, San Marcos, California and Denver, Colorado.
Numerous types of trusts have been affected including Pooled Special Needs Trusts, Individual Special Needs Trusts, Pooled Income Trusts, and Settlement Management Trusts. CPT Institute and, in some cases, volunteer attorneys are reviewing the affected trusts and will contact trust holders to discuss their options.
Victims can select CPT Institute as their new trustee by completing an opt-in form, complete an opt-out form to choose a different trustee, or take no action and be automatically assigned to CPT Institute.
Those who choose to opt out must indicate their decision no later than November 29, 2024. By January 1, 2025, the Center will be fully out of the trust business. Whether victims choose CPT Institute or another trustee, new trustees must be appointed by then.
Center clients can go to www.cptinstitute.org/the-center for opt-in/opt-out forms and for further information or call 813-687-8818.
About CPT Institute: CPT Institute, a 501(c)(3) charity and nonprofit trustee, has offices in California, Colorado and Florida. Since 1994, CPT Institute has served over 10,000 clients throughout the country. It manages over $90 million in assets. CPT Institute’s efforts are designed to preserve government benefit eligibility for injured and at-risk individuals while providing education and training at no cost to the legal and judicial system. https://www.cptinstitute.org/why-choose-cpt
