Supermodel-turned-business mogul Kathy Ireland says the people she trusted most with her finances betrayed her. And the fallout, she claims, is massive.
Videos by FanBuzz
According to a new lawsuit obtained by TMZ, Ireland alleges her longtime business managers secretly misused her money, took out loans in her name and misled her for years about the true state of her finances. Ireland says the alleged scheme lasted decades.
In the lawsuit, she claims she gave the managers power of attorney and trusted them to oversee investments and manage her wealth while she focused on building her business empire. Instead, she alleges they used her accounts as a personal piggy bank while repeatedly assuring her she would "never have to worry about money."
Kathy Ireland's Situation Only Came to Light in a Surprising Way.
Ireland says she and her husband, Dr. Greg Olsen, discovered something was wrong when they tried to help their son buy a home. When they attempted to access money for a down payment, they were allegedly denied a loan and received vague answers when asking their financial managers for funds.
That raised serious red flags.
Ireland claims the managers had taken out loans and opened credit accounts in her name, using much of the money to fund their own lifestyles. She also says the situation drained retirement savings, impacted life insurance policies and even forced the couple to sell their home.
The lawsuit seeks damages believed to be $100 million or more.
