Kathy Ireland Claims Longtime Business Managers Swindled Her Out of Millions

Kathy Ireland trusted business managers with her finances, but they used her as a personal piggy bank, stabbed her in the back and left her and her husband deeply in debt ... according to a new lawsuit.

In new legal docs, obtained by TMZ, the model-turned-mogul claims her former business managers not only misused her money, but also deceived her about her wealth and secretly took out loans in her name.

Kathy claims the alleged financial shenanigans cheated her and her husband, Dr. Greg Olsen, out of their home equity and life insurance policies, drained their retirement savings and forced them to sell their home.

In the docs, Kathy claims she trusted the business managers with her money for over 3 decades, giving them power of attorney and entrusting them to invest their money. She says they lied to her about her wealth and told her she would never have to worry about money.

Kathy says she only found out about the alleged deceit when she and her husband, Greg Olsen, tried to help their son buy a home. She says she was shocked when they were denied a loan, and when she asked her business managers for money to help their kid with a down payment, they were "evasive" and told her they needed 6 months to get her the cash.

In the suit, Kathy claims the business managers took out loans and credit cards in her name and used almost all of the money to fund their own lifestyles.

Kathy says they kept her busy building her empire so she would be their financial workhorse and wouldn't notice the alleged scheme.