Pinellas businessman accused of stealing millions from special needs trusts may soon be able to release his assets

St. Petersburg, Florida. – A Pinellas County businessman accused of stealing millions of dollars from two companies that manage funds for people with special needs may be able to expect the release of his assets under a potential settlement with the Florida Attorney General's Office.

A civil lawsuit alleges that more than $2 million is missing from dozens of trust accounts at the Directed Benefits Foundation, a nonprofit organization run by Leo Govoni that manages the accounts of people who, in some cases, are severely disabled and rely on the money for most or all of their lives.

The lawsuit filed by the state accuses Govoni and his business partners of “creating false accounting records … to conceal their wrongdoing and avoid detection.”

In May, a judge issued a temporary restraining order halting the Directed Benefits Foundation's activities and freezing the assets of its senior executives, including Govoni.

RELATED: Man accused of stealing $100 million from special needs trust faces further legal action

Kylie Mason, a spokeswoman for Florida Attorney General Ashley Moody, confirmed Wednesday that the state and Govoni's attorneys had agreed to a framework this week to potentially release his assets. They told FOX 13, “Those papers are being prepared. They will be filed soon when the details are finalized. The judge will then review those papers but has not yet made an official decision or 'consented.' In the meantime, the freeze is still in effect.”

Tampa attorney Anthony Rickman, who is not involved in the case, said releasing Govoni's assets could help the alleged victims.

PREVIOUS: Some politicians in Florida profited from the money taken by the founder of the St. Pete Special Needs Trust Company

“Freezing the assets not only prevents the defendants from moving the money, but it also prevents the people who placed that money in trust from accessing those funds,” Rickman explained. “The government has now reached an agreement with the defendants that they can release those funds and the trustees may get their money back.”

However, it is unclear how much money each client has left in their trust funds. The potential agreement would require Govoni to offer his own assets as collateral for the missing money.

“For example, if there is $2 million in funds involved, the defendant must show that he has $2 million in property that he can place a lien on, or that he can use $2 million in assets as collateral,” Rickman said.

MORE: Court records show how much families lost in the controversial Pinellas Special Needs Trust Company case

The allegations in the Directed Benefits Foundation case are similar to those Govoni already faces in the federal bankruptcy proceedings involving the Center for Special Needs Trust Administration, a nonprofit organization he also founded.

Govoni is accused of taking out $100 million in loans from the center over an 11-year period that he never repaid. Court records show that the accounts of at least 1,500 clients, some of whom were severely disabled, were partially or completely emptied.

The center is now under the supervision of a court-appointed trustee, Michael Goldberg, who also claims Govoni's assets.

Neither Govoni nor his attorneys responded to a request for comment Wednesday, but Govoni previously told FOX 13 that he denies the allegations against him in the Center for Special Needs Trust Administration case.

WATCH FOX 13 NEWS:

STAY CONNECTED WITH FOX 13 TAMPA: