**Kathy Ireland Sues Former Business Partners for Alleged Fraud Exceeding £100 Million**
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Kathy Ireland, the renowned swimsuit model turned successful business owner, has made serious allegations against her former business partners, accusing them of defrauding her of more than £100 million over the course of three decades. The revelations emerged following a lawsuit filed in Santa Barbara on 9 March 2023, which depicts a web of financial misconduct involving fraud, theft, and a blatant breach of fiduciary responsibilities.
The suit outlines how Ireland’s former partners, including Jason Winters and Erik Sterling, alongside Brittany Duncan, the current CEO of Kathy Ireland Worldwide, allegedly mismanaged her financial affairs while purporting to be looking after her interests. The complaint further identifies Stephen Roseberry and Jon Carrasco as additional defendants, describing their roles as part of a larger enterprise that allegedly used Ireland’s trust to enrich themselves.
In a recent interview with ABC News’ *Nightline*, Ireland expressed the emotional burden of the betrayal, stating that the most distressing aspect of the situation is its impact on her family. “My old job description long ago was ‘Shut up and pose,’ and I reject that,” she remarked. “I’m not going to idle by and allow anyone to lie, abuse, or hurt my family and others.”
During her career, Ireland became a household name as a model for *Sports Illustrated Swimsuit* and later transitioned into a highly successful businesswoman, with her brand reportedly generating over £1 billion in annual sales at its peak. However, she now claims that her partners took advantage of her trust, allegedly stealing from her while disguising their actions as sound financial management.
In the complaint, Ireland and her husband, Greg Olsen, describe their feelings of betrayal, revealing the scale of losses, which they believe could exceed £100 million. They cite that the defendants had been given power of attorney and full control over finances, with Ireland reportedly not receiving a salary under the misapprehension that her income was being wisely invested.
Allegations have surfaced that her partners opened credit cards in her name, accruing significant debts while only making minimum payments. Furthermore, it is claimed that more than £8 million from Olsen’s earnings, a £400,000 inheritance, and £150,000 of a Small Business Administration loan were misappropriated. Even more alarmingly, £60,000 was reportedly taken from Ireland’s elderly mother, who is also a plaintiff in the ongoing lawsuit.
Ireland recounted a particularly troubling moment during her interview, which highlighted the severity of the issue. When her son and his wife attempted to purchase a house and sought Ireland and Olsen’s assistance as co-signers, their application was denied due to what they later discovered was a severely damaged credit rating caused by their partners’ actions. “That was a big red flag,” she said.
Ireland’s attorney, Jill Basinger, has suggested that the misconduct they have uncovered so far is merely “the tip of the iceberg.” She stated, “Kathy’s managers used their position of trust to enrich themselves while constantly misleading Kathy about the state of her and her family’s financial health. The bill has come due. Sterling and Winters are going to have to answer for their actions.”
The financial ramifications of the alleged fraud have forced Ireland to sell her home and left her without a retirement fund—a harsh reality that starkly contrasts her previously cultivated public image as a financially savvy entrepreneur. Forbes once named her among the most successful self-made women in America, with an estimated fortune of £420 million.
In response to the lawsuit, Brittany Duncan has called Ireland’s claims part of a “publicity-seeking effort”, contesting the legitimacy of the allegations and asserting that the shareholders involved have acted with integrity throughout their time working together. She added that the matter is currently under legal proceedings and should be resolved in court rather than in the media.
Defending their actions, the defendants maintain that all disputed loans bore Ireland’s signature, arguing that the relationship was one of equal partnership rather than manager and client. However, Basinger dismissed this reasoning, asserting that partnerships do not excuse dishonest behaviour or financial mismanagement.
Despite the turmoil surrounding her financial affairs, Ireland expressed a sense of empowerment as she now takes back control of her company with a new executive team. Reflecting on her career, she admitted that some decisions were perhaps ill-considered but ultimately conveyed a desire for others to learn from her experience.
Her message to her former associates was clear. “I hope the best for them,” Ireland stated. “You don’t get to hide behind me and do things that I would never approve of; that I would never say are okay. Do the right thing and tomorrow will be better than today.”
As the unfolding case continues to develop, further insights from Ireland’s interview will be featured on *ABC News’ Nightline*, which airs weeknights at 12:35 a.m. ET, providing a platform for her to share more about the challenges she has faced and the lessons she hopes others can take away from her ordeal.