Money hunt goes on into Melissa Caddick’s complex fraud as body found

ASIC has sought to assure investors who have lost money with fraudster Melissa Caddick that their attempts to recover the funds will continue.

ASIC has sought to assure investors who have lost money with fraudster Melissa Caddick that their attempts to recover the funds will continue.

Shortly after news broke that Ms Caddick’s decomposed foot had been found on the far south NSW Coast, ASIC issued a statement saying the investigation into Ms Caddick’s affairs was continuing.

“Following the announcement today by the NSW Police that the remains of Ms Melissa Caddick have been identified, ASIC notes that its investigation into Ms Caddick and her company, Maliver Pty Ltd, is continuing,” an ASIC spokeswoman said.

“ASIC’s priority is to seek the return of funds to investors in the most efficient way possible.”

Melissa Caddick pictured during the ASIC raid on her office. Picture: NSW Police

The spokeswoman also said the case that is currently before the Federal Court of Australia into Ms Caddick’s affairs would continue as planned.

“ASIC will continue to work with the receivers and provisional liquidators to prepare for the Federal Court hearing listed on April 7 and 8,” she said.

“ASIC considers the hearing should go ahead as a priority to seek return of funds to investors.”

Earlier this week, Caddick’s complex web of lies and false documents she used to rip off devastated investors was revealed.

False bank statements, share contracts, share trading statements and documents using the letterhead of CommSec and the Commonwealth Bank have been discovered by the provisional liquidators Jones Partners.

The family home where Melissa Caddick was last seen at Dover Heights. Picture: NCA NewsWire/Joel Carrett

They said that they have found not even one of the purported CommSec Portfolio Holding Statements provided to the investors to be genuine.

“There are hundreds of false bank statements, share contracts and share trading statements,” Bruce Gleeson of Jones Partners told The Daily Telegraph.

The provisional liquidators have been looking into the affairs of the woman and her company Maliver.

Jones Partners have found she used investors’ money, estimated to be about $25 million, as her own to buy real estate including her Dover Heights mansion, the Edgecliff penthouse apartment where her parents Barbara and Ted live, and a ski lodge in Aspen.

They confirmed she never held an Australian Financial Services Licence and said she created false Excel spreadsheets to trick investors.

Anthony Koletti and Melissa Caddick.

“Ms Caddick created and controlled all information provided to external advisers for the company, herself and the investors who were assisting in preparing financial and taxation statements/returns,” Mr Gleeson said.

“Ms Caddick appeared insistent on maintaining such records in various Excel spreadsheets as opposed to using an accounting software package which would likely have given such advisers improved visibility over the reporting of financial information.

“We maintain that aspect was quite intentional on Ms Caddick’s part.

“Excel was also the tool of trade used to generate the fictitious investor statements. The process enabled Ms Caddick to portray misleading financial positions of not just the company, but also the financial affairs of the investors she was acting for.

Melissa Caddick’s remains have been found south of Tathra.

“We identified multiple instances where she was recording in Excel spreadsheets investor funds as company revenue when clearly this was not the correct accounting treatment.”

A former employer, employees, her family and investors have all been quizzed by the provisional liquidators.

Caddick, 49, vanished after leaving the Dover Heights home she shared with her husband Anthony Koletti and her teenage son on November 12, two days after it was raided by investigators with the corporate regulator ASIC.

Caddick outside her former home in Paddington.

Mr Gleeson said her creditors, particularly investors who had trusted her with their life savings, has been “significantly emotionally and financially impacted”.

He said today that:

■ Investors were falsely informed that Ms Caddick operated an independent financial planning business and was the current holder of an AFS licence.

■ Instead of investing investor funds, she co-mingled them “multiple times” into her personal accounts and share transactions were not made in the name of the investor.

■ They have not identified any circumstances in which CommSec Portfolio Holding Statements provided by the company and Ms Caddick to the investors have been found to be true.

■ Ms Caddick created a large number of documents purporting to represent the balance of investor accounts using the letterhead of CBA and CommSec. In nearly all cases the purported shareholdings were fictitious.

■ CBA and CommSec have confirmed the account and/ or reference numbers on such documents do not exist, and if the account number did exist, the account did not relate to the investor referred to on the document.

■ The documents have been falsified, so as to mislead Investors and give Ms Caddick financial benefits.

■ Ms Caddick’s own self-managed super fund revealed fictitious portfolio statements, contract notes and bank statements so as to inflate the value of assets in her SMSF.

■ Ms Caddick has received the benefit, directly or indirectly, of the investor funds. She treated the affairs of Maliver as her own and acquired property largely with the benefit of investor funds.

■ She transferred money from investors between Maliver and her personal bank accounts.

■ She maintained and controlled all information provided to external advisers for the company, herself and the investors who were assisting in preparing financial and taxation statements/returns.

Mr Gleeson said the provisional liquidators were not authorised to realise any assets for investors, such as selling her property and the luxury clothes and lavish jewellery she flaunted, until a decision as to whether they would be appointed as liquidators.

He said their role was to secure the assets.

Bruce Gleeson of Jones Partners.

This is an unusual matter and we are continuing to liaise with ASIC,” Mr Gleeson said.

“We understand and have considered the concerns of investor creditors as to the use of monies to pay.

“We foreshadowed to the relevant parties shortly after our appointment that such payments were likely to be objected to. We note that such payments will cease at the end of the week in the absence of further court orders.”

Mr Gleeson called on anyone who is owed money by Ms Caddick or who be aware of assets belonging to her or knowledge of her financial affairs relevant to the investigation to come forward.

“We also strongly recommend individuals seeking financial advice and services check the adviser of their business is registered before they proceed,” he said.