Melissa Caddick: Missing millionaire used clients’ money to pay off credit card: court

Missing millionaire businesswoman Melissa Caddick used more than $690,000 of clients’ money to pay off her Amex credit card bill, a court has been told. See what she spent it on.

Missing millionaire businesswoman Melissa Caddick used $691,275 of clients’ money from just one of her 29 bank accounts to pay off her Amex credit card bill, the Federal Court has been told.

It’s alleged the money was splurged on high-end travel and luxury goods from her favourite brands including Chanel, Christian Dior and Canturi while she forged documents from CommSec telling her clients how well their investments were doing, it is alleged.

She told clients she would accept nothing less than a minimum investment of $250,000 but mixed their money with her own accounts, which included 29 bank accounts and two in the name of her 15-year-old son, according to documents tendered by the corporate watchdog ASIC.

Missing Sydney woman Melissa Caddick with her husband Anthony Koletti.

Anthony Koletti and Melissa Caddick.

Ms Caddick, 49, was last seen in the early hours of November 12 — two days after the Federal Police raided her $7 million clifftop home in Dover Heights as part of the ASIC investigation into claims she scammed investors in her company, Maliver Pty Ltd, of as much as $40 million.

Court documents reveal that one of her accounts with the NAB held around 36 potential client deposits of more than $3.9 million between 2018 and June this year.

As well as the Amex bill, she transferred $250,000 to two Qantas accounts and $50,000 into a local account which was used to pay off a penthouse apartment at Edgecliff, as well as more to other accounts.

“Of those funds that are ultimately invested in shares, it appears that very little profit is generated by either capital growth or dividend payments,” an affidavit from ASIC investigator Lucy Allen alleges.

The ASIC documents also reveal she transferred approximately $339,359.85 into her US Dollar account between August 15, 2018, and August 21, August 2020. But on August 21, 2020, the account was empty, the balance being nil.

Melissa Caddick was last seen in the early hours of November 12. Picture: Andy Baker.

ASIC has applied to the court to appoint a provisional liquidator to her company.

The Federal Court has frozen her assets including the bank accounts and confiscated her passport as ASIC claimed she had a US bank account and “means to travel overseas at short notice”.

Ms Caddick went overseas 20 times between 2009 and October 6 this year.

ASIC has the names of at least 61 investors or potential investors it is talking to.

One man invested around $5 million with Ms Caddick for his self-managed super fund.

ASIC traced another investment of $2.5 million by the mother of a school friend of Ms Caddick’s son. They found that Ms Caddick transferred $2.4m into her own account, of which $34,600 went on Amex.

Ms Caddick’s disappearance is being investigated by the state’s homicide squad but there is no evidence of what has happened to her.

The Federal Court has today ordered that a receiver be appointed to Ms Caddick’s affairs and a provisional liquidator over her company Maliver after being told of the concern of investors who are “distressed” and “deeply aggrieved”.

Melissa Caddick pictured when she was co principal of Wise Financial Services in 2003.

Justice Brigitte Markovic said she thought the “drastic” step was justified.

Counsel for ASIC, Stephanie Fendekian said the investors who had contacted them had opposed letting Ms Caddick’s husband and son getting more than the $800 a week living expenses which they have been allowed.

The judge told ASIC and the barrister representing the rights of Ms Caddick through her brother Adam Grimley to discuss living expenses.

She was told that Ms Caddick’s son’s school expenses were $66,000 to be paid upfront.

The case was stood over until Thursday morning.