ASIC hopes to recoup $8 million of Melissa Caddick’s investors’ lost money
A month after her decomposed foot washed up on a beach, the corporate watchdog has revealed it’s hopeful of getting its hands on some of the millions she swindled.
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The nation’s corporate watchdog is hopeful that $8 million of investor’s money swindled by conwoman Melissa Caddick can be recovered.
The Australian Security and Investments Commission (ASIC) on Tuesday dropped more then three dozen criminal charges while they await the resolution of Federal Court proceedings.
ASIC last week also withdrew a warrant for the 49-year-old’s arrest, months after she vanished from her eastern suburbs home and just weeks after her foot washed up on a NSW south coast beach.
In the Downing Centre Local Court on Tuesday, ASIC lawyers officially withdrew 38 criminal charges.
These include 19 counts of falsely claiming to have a financial services licence, 18 counts of dishonest conduct in relation to financial products and services, and one count of not holding an Australian financial services licence when required.
ASIC lawyer Emman Farroukh told the court that the corporate regulator was being forced to drop the criminal charges while the civil suit against Ms Caddick was still running in the Federal Court.
“We will seek leave to refile those charges if she does reappear,” Ms Farroukh told Magistrate Michael Crompton.
Under the Corporations Act, ASIC cannot pursue civil and criminal proceedings which cover the same matter at the same time.
According to an ASIC affidavit tendered to the Local Court on Tuesday, police are preparing a brief of evidence for the coroner which is expected to be lodged around June.
The coroner will then determine whether to hold an inquest.
According to the affidavit, ASIC had identified 74 investors who were owed around $23 million by Caddick.
Most of the money was used by Caddick to buy two properties as well as fund a lavish lifestyle including luxury jewellery, holidays and designer goods.
According to an ASIC affidavit, “there is a significant shortfall in the funds available to be realised of around $15 million”.
This means they hope to recoup about $8 million by selling her assets.
The civil matter will return to the Federal Court next week for a hearing to appoint a liquidator to Ms Caddick’s financial services business Maliver.
Ms Caddick vanished from her Dover Heights home in Sydney’s east in the early hours of November 12, a day after the corporate watchdog and federal police raided the property.
The Sydney mother is accused of swindling millions of dollars out of victims, mostly family and friends, through her company Maliver.
Her son told police he heard the front door close about 5.30am the day she vanished.
Despite police combing through hours of CCTV footage, including from surrounding streets in the affluent cliffside suburb, there has been no trace of her since.
RELATED: Why Caddick’s remains could be anywhere
Ms Caddick’s Asics shoe and decomposed foot washed up 400km from her home on a south coast beach in February – three months after she vanished.
No further remains have been found despite extensive searches, including combing more than 6000sq m in the ocean below the Dover Heights cliffs.
Several leading criminologists have raised the idea that the mother was murdered, and police have repeatedly said they could not rule out foul play.
But they are leaning towards the more likely scenario that she took her own life.
Ms Caddick’s $7m Dover Heights home is just a short walk to a cliff face. Detectives believe she could have entered the water there and her body may have travelled as far as the south coast.
When asked whether she jumped, NSW Police Commissioner Mick Fuller said in March: “That’s a real difficult one. (But it’s not often) body parts wash up so far south of Sydney and in such good condition given she went missing on or about November 11.”
Her shoe and foot washed up on a remote beach months later.
In February, the court was told liquidators found just $5600 in the 49-year-old’s bank accounts as the investigation continued.
Her father-in-law Rodo Koletti has been vocal since her disappearance, claiming his son – and Ms Caddick’s husband – Anthony is “delusional” about his wife and convinced she has been framed.
“He’s going to come crashing down eventually when the reality hits about everything she’s done,” he told 60 Minutes.
There’s no suggestion Ms Caddick’s family have anything to do with her alleged wrongdoing, disappearance and death.
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Originally published as ASIC hopes to recoup $8 million of Melissa Caddick’s investors’ lost money
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