Melissa Caddick’s parents could receive $950k payout

The parents of notorious conwoman Melissa Caddick could be paid nearly $1m to vacate a multimillion-dollar Sydney apartment.

The parents of missing fraudster Melissa Caddick would be paid nearly $1m to surrender their claim to a multimillion-dollar Sydney apartment bought in their daughter’s name.

Ted and Barbara Grimley had previously argued they should be able to continue living in the Edgecliff apartment after claiming they had contributed more than $1m to its purchase.

Their claim sparked a fiery battle with Caddick’s defrauded investors, who are fighting to recoup some of the $23m stolen from them by the financial adviser.

Melissa Caddick is believed to have defrauded $23m from dozens of investors. Picture: Andy Baker

Caddick vanished in November 2020, a day after the Australian Securities and Investments Commission raided her Dover Heights home in connection with her alleged financial scam.

Earlier this month, a coronial inquest determined the conwoman had died, but it could not determine when, how, and where she died.

The finding has not brought any relief to her dozens of conned investors, who have collaborated in an effort to recover their money through the sale of Caddick’s property.

On Wednesday, the Federal Court was told the fraudster’s court-appointed receivers had offered to pay her parents $950,000 to vacate the Edgecliff property.

The receivers’ lawyer, Vanessa Whittaker, told the court the $950,000 offer “is the only way forward” for all parties involved.

Caddick’s parents Barbara and Ted Grimley have been fighting to remain in their apartment. Picture: NCA NewsWire / Dylan Coker

“It represents the amount the parents ask in return for effectively releasing the property from their possession which will enable the property to be (sold),” she said.

The funds from the sale of the eastern suburbs apartment would then be available for distribution to the group of wronged investors, the court was told.

Ms Whittaker said the receivers had endeavoured to keep investors informed about the offer as it evolved.

“It’s been an evolving process by which the amount of information provided has made it plain to all stakeholders that it’s not a perfect outcome, but it’s a much better outcome than they would get by following it all the way,” she said.

“We don’t see a realistic universe in which the investors can do or will do better.”

The contentious apartment is located in Edgecliff in Sydney’s wealthy eastern suburbs.

The defrauded out-of-pocket investors will be given a final chance to raise concerns about the offer, but the receivers’ lawyer said the lack of objection so far “is tantamount to assent”.

Lawyers for the investors and the Grimleys - who are not accused of any wrongdoing - told the court they did not oppose the settlement.

If the order was made by the court, the receivers would take possession of the apartment within six weeks.

Justice Brigitte Markovic adjourned the matter to June 5.