Vanished woman’s husband cut off
The living expenses being shelled out to missing Sydney businesswoman Melissa Caddick’s husband and teenage son have been cut off as her bank accounts dry up.
It comes as the Federal Court heard there was a “significant shortfall” between the millions investigators allege Ms Caddick owes devastated investors and the value of her own luxury assets.
The court was told on Monday liquidators had found just $5600 in the 49-year-old’s bank accounts as the investigation by the Australian Securities and Investments Commission into her company Maliver continues.
ASIC’s barrister Stephanie Fendekian said there was still one further $1700 payment to be made for Ms Caddick’s son and DJ husband Anthony Koletti’s court-ordered living expenses.
Neither Ms Caddick’s son nor Mr Koletti are accused of any wrongdoing in relation to the ASIC investigation into Ms Caddick’s disappearance.
In court orders that emerged on Monday, Justice Brigitte Markovic ruled “no further payment or allowance shall be made for living expenses” from Ms Caddick’s seized accounts.
Ms Caddick vanished late last year mere hours after ASIC raided her $6m dollar Dover Heights home on November 11 following a two-month probe into her dealings.
NSW Police, who are searching for the mother-of-one, say she is presumed to be alive.
In December, the court heard the financial planner was allegedly operating her company without a license as it drained a combined $13.1 million of investors’ cash, with many not seeing a return.
ASIC’s barrister Stephanie Fendekian told the court on Monday that after receiving reports prepared by provisional liquidators sprawling “hundreds of pages long” the watchdog was considering whether to seek “further relief” for alleged victims.
“It is clear from the report that on any view of it there will be a significant shortfall of any investor claims and the assets of the defendant,” she said.
Ms Fendekian said those assets – which were mostly in Ms Caddick’s name – included real estate, shares and “luxury goods” such as jewellery.
Ms Fendekian said investigations into missing money had revealed the majority of the funds were invested into Maliver, while a “small number” of people dealt directly with Ms Caddick.
“We’ve learnt there is a limited asset pool vis-a-vie the bulk of the assets are in her name rather than the company name, and there’s also the added fact that most of the investors did not invest with (directly with Ms Caddick),” she said.
The liquidators’ reports had identified several “possible contraventions” of corporation and criminal law by Ms Caddick, Ms Fendekian said.
She said only $5600 remained in Ms Caddick’s accounts as of February 15.
Since the last court date in December ASIC had been assisting police and liaised with liquidators to value assets seized during the raid on November 11, the court heard.
The court heard ASIC had also recently “examined” Mr Koletti and Ms Caddick’s brother Adam Grimley, and conducted voluntary interviews with witnesses and investors.
Ms Caddick was unrepresented in court this week, which heard that her legal representative – Mr Grimley – was no longer retaining a lawyer.
That means it is possible no more legal costs could be racked up on her behalf, Ms Fendekian said.
Justice Markovic said it appeared the distribution of relief to investors would ultimately rest in a liquidator or trustee in bankruptcy.
She set down the date for a two-day hearing before the court to begin on April 7, when final relief for investors could be decided.
Originally published as Vanished woman’s husband cut off