What Happens to Melissa Caddick’s Millions?

Duped investors have agreed to a framework to recover millions of dollars stolen from scammer Melissa Caddick, a court has been told.

Vanessa Whittaker, who is representing the liquidator in charge of liquidating the 49-year-old’s estate, told federal court on Wednesday that the “overwhelming majority” of investors had agreed to an equal division of funds.

The move eliminates the possibility that efforts to repay creditors would lead to a protracted legal battle as individual investors sought precedence over others.

“The result is that the out-of-pocket investors, the overwhelming majority … have informed the recipients that they agree to a pari passu approach,” Ms. Whittaker said.

She told the court that 54 out of 55 investors agreed to the “ease” procedure set out by the bankruptcy trustees, while the last simply did not respond.

Melissa Caddick with her husband Anthony Koletti, who was forced to vacate their Dover Heights home when it was put up for sale

The move comes a month after Judge Brigitte Markovic warned there was a “dwindling pool of money” that shouldn’t be wasted on legal fees.

More than $23 million is still owed to investors in Caddick’s financial services firm Maliver, which the Australian Securities and Investments Commission says was an elaborate Ponzi scheme.

Lawyers working for the trustees have told the court that the pool of funds recovered through liquidation has been “fixed”, apart from an ongoing challenge over a property in Edgecliffe, east Sydney.

The court was told there would be a legal challenge over the apartment Caddick had bought for her parents, Barbara and Ted Grimley.

Duped investors have agreed to a framework to recover millions of dollars stolen from Caddick. Pictured is her mansion in Dover Heights in Sydney’s eastern suburbs

In an affidavit filed with the court, the Grimleys claim they paid Caddick $1 million to help buy the property.

They have petitioned the court to apply the proceeds from the sale of Caddick’s house to the Edgecliffe Mortgage.

A hearing on the matter was scheduled for April 28, at which a legal representative of “Investor A” successfully applied to join the case and challenge on behalf of the investors.

The court was told that depending on the outcome of the April hearing, there could be an “interim distribution” of funds from the sale of Caddick’s Dover Heights home to swindled investors.

Caddick disappeared from her Dover Heights home in November 2020, a day after ASIC and NSW Police raided the property.

Caddick’s belongings were sold to help her victims recover funds

Among the items seized by investigators were jewelry, watches, designer clothes and shoes

The corporate watchdog says Caddick embezzled investor funds to fund her lavish lifestyle, with investigators seizing luxury items including jewelry, watches, designer clothes and shoes.

She was pronounced dead four months after her disappearance in February 2021 when a decomposing foot was found on a beach 400km south of Sydney.

An ongoing coronal investigation is attempting to uncover the cause and manner of her presumed death, with results expected to be presented in April.

Since her disappearance, court-appointed receivers Jones Partners have uncovered the impostor’s fraud.

Earlier this year, news broke that Caddick’s Dover Heights home sold for $9.8 million.

Caddick’s remains were found on Bournda Beach (pictured) three months after she disappeared

Source: | This article originally belongs to Dailymail.co.uk