In a sweeping and emotional lawsuit filed Tuesday in Alachua County Circuit Court, Florida philanthropist Patricia Shively accused her longtime financial adviser of leading her into a financial nightmare—draining her accounts and tying her to over $300 million in personal guarantees for a now-bankrupt real estate project.
Shively’s explosive suit names William D. Olinger III, his firm Koss Olinger and Company LLC, and developer Svein Dyrkolbotn, among others, alleging they manipulated her trust and siphoned nearly $100 million of her fortune into the ill-fated Celebration Pointe development in Gainesville.
A Trust Exploited: From Low-Risk Dreams to High-Stakes Losses
Shively says she sought Olinger’s guidance after a 33-year marriage to insurance tycoon William Shively ended in 2007. Her intent, the suit claims, was simple: secure the settlement in safe, stable investments for her family’s future. But Olinger allegedly had other plans.
Between 2010 and 2011, Olinger persuaded her to loan $7.55 million to the then-nascent Celebration Pointe project. When those loans defaulted, he convinced her to convert the debt into equity—setting off a cascade of nearly 80 investments totaling $99.7 million, court filings state.
The suit says Olinger kept her in the dark, providing little to no explanation of the contributions or risks. “As Olinger drained Patti’s accounts, he told her next to nothing,” the complaint asserts.
