Kathy Ireland shares how she found former executives accused of $100M in fraud
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Kathy Ireland is speaking out after suing her former business managers, saying they sold her trust at “an astonishing and unconscionable rate” and allegedly stole millions from her and her family.
The 63-year-old business owner and former model spoke about the case in a new interview with ABC News’ “Nightline,” in a joint interview with her attorney, Jill Basinger, a segment of which premiered on “Good Morning America” on Friday.
“My old job description was, ‘Shut up and stop.’ And I reject that,” Ireland said. “And I will not sit idly by and allow anyone to lie, abuse, abuse my family and abuse others.”
In the lawsuit filed by Ireland in the Santa Barbara court, the model – who was once estimated at 420 million Forbes by his pseudonym – said that his family was directed by Jason Winters and Erik Sterling, who allegedly led a fraudulent management system.
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Kathy Ireland talks about her lawsuit against her former business managers. (Paul Archuleta/Getty Images)
Ireland said the defendants told her she was “incredibly rich” and that the family “never needed to worry,” but she says her former team “failed to build wealth and invest” as promised to their family, leaving Ireland and husband, Greg Olsen, heavily in debt and forced to sell their family’s home.
“Our son and his wife bought a house for themselves. They had to move … and we wanted to help them,” he told ABC News about how he found out about his financial situation. “Our son said, ‘If you and dad could co-sign, that would be great.’ And when we were denied the right to co-sign because our credit was ruined, that was a huge red flag. “
She added that she “doesn’t know everything,” noting that she and her husband “believed our debts were being paid, and they weren’t.”
The lawsuit states that “Defendants are liable to Plaintiffs for tens of millions of dollars in damages, if not more than $100 million, depending on the evidence at trial,” adding that “Defendants continue to withhold monies they took and owed to Plaintiffs.”
The defendants deny Ireland’s claims and say her allegations are “false, defamatory and unsupported by any documentation.” (Rebecca Sapp/Getty Images for SBIFF)
“We suspect they took the mortgage,” Basinger told the newspaper about how the money was spent. “We suspect that, even though there was life insurance purchased, they somehow took the equity.”
In a statement sent to ABC News, the defendants dismissed Ireland’s claims, saying the dispute stems from a $25 million fraud lawsuit filed against him last year. They described his allegations as “false, defamatory and unsupported by any documents,” adding that all the bills in question were signed by Ireland and that those involved were “partners and equal shareholders from the beginning, not managers of the business.”
Ireland and her husband discovered that they now have “no retirement accounts.” (John G. Zimmerman/Sports Illustrated via Getty Images)
Ireland rose to fame in the 1980s and 1990s as a “Sports Illustrated” Swimsuit Issue cover model, later entering the business world in her 20s. She achieved great success as a businessman, Forbes once named her as the most successful self-made woman with an estimated net worth of $400 million.
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Despite her success, the lawsuit says she and her husband “now know that there are no retirement accounts,” any “wisely managed investments that protect their futures” or any money that “protects their retirement futures and their children’s, as they have been led to believe.”
“During those years, Kathy was building her career,” the lawsuit says. “He was newly married, planning to start a family. He believed in hard work. He believed in doing business with integrity. And, he believed in them, based on their promises to him. Sadly, that belief was misplaced. They lied to him, every time.”
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Ireland shared that she was forced to sell her family home because of the debt she and her husband are now in.
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In a previous interview with Fox News Digital, Basinger commented on Ireland’s strength throughout the ordeal, calling him “a strong person.”
“Kathy is a strong person of faith, and her trust in God has helped her and (her husband) Greg (Olsen) cope with betrayal and broken trust, and has given her hope for the future,” said Basinger.
As for the defendants, Ireland told ABC News that he “hopes the best for them.”
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Ireland said he thought his debts were being paid when they weren’t. (Michael Tullberg/Getty Images)
“I hope it gets better. I don’t include it and that doesn’t include continuing on this,” he said. “You can’t hide behind me and do things that I would never agree with, that I wouldn’t say are right…Do the right thing, tomorrow will be better than today.”
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Fox News Digital’s Tracy Wright contributed to this report.
