Though money rolled in from ticket sales, it all melted away on hundreds of thousands of dollars on expenses such as consultants, travel and rent.
Modlin admitted that she hired her then-employer as a six figure consultant, and later paid one of her best friends.
The figure skating agent's group also footed the bills for transportation, hotels and meals for the Olypmpic bold-faced names like Nancy Kerrigan, Oksana Baiul, Sasha Cohen, Michelle Kwan and Viktor Petrenko, who performed at the events.
She blamed a volunteer accountant for not filing tax documents from 2003 to 2009. Those income disclosures were ultimately filed together in 2010.
Modlin claimed the group changed its original mission and instead chose to focus solely on the memorial skating events.
"Every single dollar we made went right back into the shows," Modlin said. "There was never any money in the foundation which is why we couldn’t do a show last year."