Melissa Caddick’s teenage son: No mum, no explanation, no money

Melissa Caddick’s teenage son and her husband are facing an uncertain future, with experts saying the pair will be last in line in claims for her money and assets.

Melissa Caddick has left her teenage son to face an uncertain future.

The teen not only has to deal with the mysterious disappearance and probable death of his mother, but she has created a situation where his home and lifestyle may be ripped away.

Ms Caddick’s property is being pursued in court by corporate regulator ASIC and liquidators after she was accused of stealing millions from investors.

Anthony Koletti, pictured with Melissa Caddick, is facing an uncertain future, as is her teenage son.

According to experts, the law is a blunt object in dealing with such matters. And this means the teen and Ms Caddick’s husband, Anthony Koletti, are likely to find themselves at the end of the line of parties to receive money and assets.

It’s hard to see much being left in the way of money and assets for Ms Caddick’s family if creditors take legal action to recover the money they lost, according to Innis Cull, a bankruptcy trustee and liquidator at Pitcher Partners in Melbourne.

“There may be multiple parties with a variety of competing claims against Ms Caddick and her related entities, including ASIC, the liquidator, the receivers, the investors, the husband and the son,” Mr Cull said.

Melissa Caddick’s multimillion-dollar Dover Heights home. Picture: Damian Shaw

“Sorting through and resolving those claims could be complex and costly, particularly where assets have been purchased through fraud. The extent of any claims that the husband and son might have to any property is unknown, but they may find themselves at the back of the line depending on what claims others might bring.”

One of the assets that has been mentioned as a target for sale is Ms Caddick’s Dover Heights mansion.

According to property records she paid $6.2 million for the property in 2014.

Liquidator Bruce Gleeson has placed a caveat on the property, the records said.

One of the hopes for the teen and Mr Koletti is if Ms Caddick put money in a superannuation account or had a life insurance policy that would pay to them.

Under Australian law, both are exempt from being taken by creditors in matters like Ms Caddick’s.

One industry source said it was common for the family members of accused fraudsters to get caught in the crossfire.

“That’s what happens when you commit fraud – your beneficiaries miss out,” the source said.

The remains of Ms Caddick’s foot were discovered on a south coast beach, police revealed yesterday.

If she is confirmed dead, the executers of her estate could enter the case. However, it is unknown who they are.

It is also unknown if Ms Caddick drafted a will.

CADDICK’S VICTIMS FEEL SYMPATHY FOR HER FAMILY

She may have stolen their life savings and postponed their retirement, but a former investor of Melissa Caddick couldn’t help but feel sympathy as they heard the news of her presumed death on Friday.

“We are just coming to terms with it,” said one man, who trusted Ms Caddick with $450,000 in superannuation.

“I never really had any ­malice against her even though she did what she did.

“I never really wished for anything bad to happen to her. Whichever way it does go, I am not getting my money back.

“If she is found alive and goes to jail, it doesn’t make it any better. I really feel sorry for her family.”

Investors trusted Melissa Caddick with more than $20 million. Picture: Andy Baker

The man and his wife, who heard about the discovery of Ms Caddick’s remains on the radio, ­invested with Ms Caddick twice after meeting the financial manager through her parents.

Like so many fellow investors, Ms Caddick lulled the couple into a sense of security with their friends-first connection and her professional demeanour.

She updated them monthly on their share portfolios and often invited them over for lunch or dinner at her Dover Heights mansion, where she ran her business Maliver Pty Ltd.

After the 49-year-old vanished following an Australian Securities and Investments Commission raid on her home in November, the couple discovered the documents Ms Caddick had provided were fraudulent.

The investor, who spoke on the basis of anonymity, had believed Ms Caddick was flying under the radar somewhere, possibly interstate.

She was a meticulous planner who must have known the day would come when she would be found out, the man, aged in his 70s, reasoned.

“Had the foot not washed up we would all be wondering, wouldn’t we,” he said.

Investors who trusted Ms Caddick with more than $20 million are awaiting the findings of a liquidator’s investigation to determine if and how her assets can be divided.

Originally published as Melissa Caddick’s teenage son: No mum, no explanation, no money