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.

The Paper Trail to Peril

By 2013, Celebration Pointe’s financing began to unravel. According to the lawsuit, the developer turned to high-interest loans—all personally guaranteed by Shively. She says she was misled into signing the documents, unaware she was placing her entire financial future on the line.

In 2019, the financial bleeding continued. Olinger urged her to mortgage homes she had gifted her children to pump even more money into the struggling project.

Then came the coup de grâce: In March 2024, Celebration Pointe filed for Chapter 11 bankruptcy. But even then, the complaint claims, Olinger convinced Shively to fork over another $15 million, promising he'd “handle everything.”

Now, she is facing 11 lawsuits from lenders and facing ruin.

“Backfilled with Patti’s Fortune”: No Returns, Only Regret

Perhaps the most stinging allegation? That others—friends, family, even clients of Olinger—allegedly received distributions from Celebration Pointe while Shively, the project's largest backer, received nothing.

“To preserve his reputation,” the complaint alleges, Olinger used Shively’s fortune to “backfill” failing investments and shield others from loss—leaving her holding the bag.

Negligence and Betrayal: The Legal Reckoning Begins

Shively's legal team at Nelson Mullins Riley & Scarborough LLP—including Matthew G. Lindenbaum, Ginger Barry Bond, Robert L. Lindholm, and Benjamin Britz—claims that Koss Olinger & Co. failed to supervise Olinger or step in despite numerous red flags.

No comment was provided by Shively’s attorneys beyond what is included in the complaint. Koss Olinger did not respond to media inquiries, and counsel information for the defendants was not immediately available.