The son of the Clearwater businessman at the center of an FBI investigation into missing trust fund money has stepped down as president of Big Storm Brewing.
LJ Govoni and his father Leo Govoni became co-owners of Big Storm around 2014 and it became one of Florida's fastest growing craft beer companies with tap rooms across Florida.
But the company imploded soon after Leo Govoni was accused in court documents of orchestrating a $100 million loan to his own company that was siphoned from more than 1,500 trust funds set up for people with severe disabilities and injuries.
The loan was never repaid. The Center for Special Needs Trust Administration, the St. Petersburg nonprofit that Govoni founded to administer trusts funds, was forced to file for Chapter 11 bankruptcy in February.
The missing money is the subject of an ongoing FBI criminal investigation. Big Storm could also be viewed as an asset of Leo Govoni. He is listed as guarantor of the $100 million loan and is being sued by the court-appointed bankruptcy trustee to recover money owed to trust fund beneficiaries.
Craft beer became a passion for LJ Govoni, 38, who served as the public face of the company. He announced his departure on his LinkedIn profile on Friday afternoon. The post does not mention his father nor the company's recent financial troubles.
"After an incredible journey at Big Storm, it's time for me to embark on a new chapter," he wrote. "Over the past decade, I've had the privilege of working with amazing teams, driving strategic growth, and expanding our footprint in brewing, distilling, and general beverage manufacturing. Together, we navigated challenges, celebrated successes, and built something truly special."
At its peak, Big Storm had tap rooms in Cape Coral, Odessa, Orlando, Ybor City and a 16,000-square-foot flagship brewery and tap room on 49th Street North in Clearwater. It bought up small craft breweries in Bradenton and Punta Gorda and agreed sponsorship deals with the Tampa Bay Lightning and Tampa Bay Rowdies.
The company opened a distillery and, briefly, a coffee outlet.
During the same period, Leo Govoni lived a lavish lifestyle, records show. He flew friends on his $3.4 million private jet to watch the Kentucky Derby from his executive suite at Churchill Downs. He doled out hundreds of thousands of dollars in campaign contributions to politicians.
Big Storm likely benefitted from the trust fund money, according to a lawsuit filed in June by a Big Storm investor who paid $3 million for a minority stake in the firm.
During a July 11 court hearing for the case, Leo Govoni's attorney Eric Koenig acknowledged that the brewery had received loans from Boston Finance, the company that received the $100 million loan. The investor agreed to settle his lawsuit out of court.