Investors believe Melissa Caddick’s estate is worth $5.6 million

A group of 15 people want financial fraudster Melissa Caddick’s Dover Heights mansion and other assets sold immediately and the net proceeds paid to those she allegedly duped.

A group of 15 people who invested nearly $6 million with Melissa Caddick want her Dover Heights mansion and other assets sold immediately and the net proceeds paid to those she allegedly duped.

The group‘s lawyer has drafted “position papers” setting out their claim over the alleged fraudster’s estate in a bid to stop it being eroded by her family’s living expenses and legal fees.

The group estimates the runaway financial adviser may owe as much as $25m to investors and that her net assets could be as much as $5.6m, giving a maximum potential return of 21 cents in the dollar.

Businesswoman Melissa Caddick is believed to have assets estimated by investors to total $5.6 million.

However, in correspondence sent to the corporate regulator ASIC, they express concern that as much as $750,000 of this could be chewed up by living expenses and legal fees if the assets aren‘t sold quickly.

The Federal Court awarded Caddick’s unemployed husband Anthony Koletti $1,700 a week living expenses including school fees for her teenage son after he told the court he had only $1.95 in his bank account. Her younger brother Adam Grimley has racked up $110,000 in legal fees.

Investors allege that Caddick‘s family is “living on trust money of the investors”. They say she would have had to have been managing at least $80m of investments to generate sufficient revenue from her 0.75 per cent management fee to cover annual living costs of as much as $600,000.

Melissa Caddick, 49, has been missing from he Dover Heights home since November 11

“Why is it her dependants can continue to live a privileged life on our money when, for us, our choices have been removed?” said one of the 15 inventors who asked not to be named.

“We don’t want her dependants to access whatever money is left, we want whatever funds are left protected.

“The money we invested was entrusted to be managed in shares for our futures. We want to get justice, we want her found and held accountable.

“What’s happened has been deeply upsetting and disheartening. We have to get on with our working lives, we have to be parents, it has affected our entire lives and our children.”

Melissa Caddick, seen with her husband Anthony Koletti (right) and retired soccer hero Craig Foster (left) vanished from her home in November after AFP and ASIC raided her business affairs. Picture: Facebook.

Financial records show that from January 2018 until September 2020 a total of $20.279 million was deposited into Caddick’s accounts of which she has withdrawn all but $674,966.97.

Dominic Calabria, a partner at Bridges Lawyers, who detailed the“position paper” for court states Caddick’s $7.5 million Dover home is worth $3,370,446.93 when the mortgage is paid. The $3.2million Edgecliff penthouse she bought her parents has a net worth of $1,524,000.00.

“It is the Investors whose interests are those that need protecting, no one is seeking to punish persons against whom no positive findings have been made one way or the other,” Mr Calabria said.

“Ms Caddick and Mr Koletti household and the Caddick family members have been financing their living expenses for some period of time, seemingly many years, through the use of Investor Funds … For how long is it reasonable for Caddick family members to continue to live on Investors Funds?”

Some creditors want her Dover Heights house seized. Picture: NCA NewsWire/Joel Carrett

Caddick vanished from her Dover Heights hours after AFP and ASIC raided her home on November 11.

NSW Police are investigating her disappearance and working on the assumption she is alive and in hiding.

ASIC’s case against Ms Caddick will return to court on February 22 where the administrators of her company are expected to detail their investigations into where the money has gone