Tags :AustraliaBusinesscrimefinanceMelissa Caddick
Melissa Caddick is a missing Sydney woman who has had Maliver, her investment company, liquidated. They plan to sell property and cars to repay investors who were deceived.
Bruce Gleeson (provisional liquidator at Jones Partners) and Daniel Robert Soire (provisional liquidators) made today’s statement to the media. They stated that they would hold an information meeting for people who can have their money managed through Ms Caddick.
Jones Partners will be named final administrators and liquidators for Maliver during a Federal Court Hearing this month. They will then review and resolve all claims against the assets that have been filed by interested parties.
These assets include Ms. Caddick’s Dover Heights home, her husband’s Audi R8, and an apartment she purchased for her parents. Also, there is jewellery that was purchased using investor funds.
Bruce Gleeson, Principal at Jones Partners, stated that Jones Partners is also investigating other claims.
“We believe there may be claims for investors who had Self Managed Superannuation Funds managed and coordinated preparation and auditing Financial Statements including Income tax returns for the fund.
“These potential claims will need to been further evaluated, but are likely against auditor and other professionals involved in audit process. They could also be filed as a class action.
Mr Gleeson also confirmed that the Australian Tax Office had established a “special working group” to support victims and act as a central point for investors.
Caddick’s Investment Company made fake documents
Ms. Caddick was a resident in Dover Heights, Sydney’s eastern suburbs. She vanished on November 12, 2013.
She is suspected to have stolen “tens and even millions” of investment clients, potentially hundreds.
The Australian Federal Police (AFP) raided her home as part of an ASIC investigation just days before her disappearance.
Australia’s Federal Court appointed Bruce Gleeson and Daniel Soire Jones Partners as the provisional liquidators for Maliver Pty Ltd.
Mr Gleeson, principal at the firm, stated that they have been “forensically reconstructing the financial affairs Melissa Caddick’s company” since then.
He stated that he had read thousands of documents and interacted extensively with many people, including his relatives, ex-employers and former employees as well as investors creditors.
Further investigation revealed that neither Ms. Caddick nor her business had an AFS license. This is required by Australian law to provide financial services.
Ms. Caddick is accused of having transferred money from her business to her personal account, instead of investing in money from investors.
The businesswoman also created false documents using a Commonwealth Bank or CommSec letterhead – documents which the bank has confirmed used fake reference or account numbers.
A review revealed Ms. Caddick’s self-managed super fund was full of fake portfolio statements and contract notes, as well as bank statements, to artificially inflate assets’ value.
Money was transferred to her personal accounts from her company. This made it harder for her liquidate her company and distribute her assets to those who owe money to her.
“…a majority of assets which Maliver Pty Ltd has an interest in are held in the name of Ms Caddick,” Mr Gleeson said.
“Ms. Caddick has direct ownership of assets. Our appointment as receivers of Ms Caddick’s property at this stage does not allow us to sell her assets.
Mr Gleeson stated it would be difficult for investors who were ripped off by Ms Caddick to recover the assets’ worth.
Mr Gleeson stated that “our primary role as Receivers was to investigate and file our reports, and secure Ms Caddick’s property.”
There are many legal issues involved in determining ownership of assets. It is also important to consider how to best facilitate the quick realization assets in both administrations. Creditors can maximize their return to creditors, especially Investor Creditors who have been emotionally and financially impacted.”
He called the situation “unusual” and encouraged anyone with assets or money to come forward.