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Fresh details about how Melissa Caddick spent $25million she fleeced from investors

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Fresh details have emerged about how Melissa Caddick spent the millions of dollars she fleeced from investors before her suspected suicide.  

The businesswoman disappeared the day after her $6.1million property at Dover Heights in Sydney’s east was raided by the Australian Securities and Investments Commission on November 11 last year.

Her decomposed foot was on Sunday found by campers at a beach on the New South Wales south coast, some 500km from where she vanished.   

Police were called to Mollymook Beach at about 9.30pm on Friday night and will conduct DNA testing to see if the remains belong to Melissa Caddick (pictured right with her husband Anthony on the left) 

At least $25million is understood to have been stolen from investors by Caddick who spent the cash on lavish holidays, clothes, and dining out

At least $25million is understood to have been stolen from investors by Caddick who spent the cash on lavish holidays, clothes, and dining out 

CCTV footage of Caddick wearing the runners in which the remains of the foot were found

CCTV footage of Caddick wearing the runners in which the remains of the foot were found 

Scouring thousands of pages of documents on her computers, investigators learned Caddick spent most, if not all, of the $25million she is suspected of fleecing from 60 investors – who all fell for her sales pitch that she would make them huge returns.  

Her lavish spending includes $229,277 on luxury fashion label Dior, $187,650 on Canturi Jewellers and nearly $50,000 on Chanel. 

Her travel was also excessive spending $63,002 on a trip to Fiji and $108,586 on bookings with travel agents Flight Centre. 

HOW CADDICK SPENT THE MILLIONS SHE STOLE 

FASHION: 

Dior: $229,277

Chanel: $48,588

Cosmopolitan Shoes: $52,548

Louis Vuitton: $17,777

Valentino: $14,180

Canturi Jewellers: $187,650

Net-A-Porter: $39,575

Oscar De La Renta: $14,180

Personal expenses: $291,744 

TRAVEL:

Aspen $35,151

Fiji: $63,002

Flight Centre: $108,586

Hong Kong: $18,877

Jetabroad: $5,783

Melbourne: $2,651

New York: $37,283

North of Nell: $34,223

Perth: $183.37

Qantas: $55,609

Tokyo: $2,141

Whistler: $43,273

 

 

It’s grim news for the investors who handed over their life savings to the experienced financial advisor.

Investors ‘were working on the basis that they trusted Melissa and that they could trust that she was going to invest their money prudently and diligently,’ provisional liquidator Bruce Gleeson said on Wednesday.

‘Unfortunately that hasn’t happened.’  

Liquidators have been unable to find a single example of a legitimate investment in the name of the investor.

Instead, Ms Caddick mixed ‘many, many millions’ of investors’ funds in company bank accounts and her own personal accounts.

She then used the money to fund an ‘extravagant lifestyle’ and property purchases. 

ASIC had been investigating Caddick for about three months for a range of financial crimes before Australian Federal Police officers conducted the raid on their behalf. 

Lawyers for the group of investors are currently working with liquidators to attempt to recover their savings. 

However, with a large portion of the money spent on items such as travel and dining out rather than tangible assets, most of the stolen cash looks to be gone. 

‘There are hundreds of false bank statements, share contracts and share trading statements,’ Mr Gleeson said.

‘Instead of investing investor funds, the moneys were co-mingled on multiple occasions into accounts operated by the company or Ms Caddick personally, and share transactions did not occur in the name of the investor’.  

Human remains including what appeared to be stomach flesh and a belly button have washed ashore on a beach 150km away from where missing Sydney conwoman Melissa Caddick's (pictured) foot was found

Human remains including what appeared to be stomach flesh and a belly button have washed ashore on a beach 150km away from where missing Sydney conwoman Melissa Caddick’s (pictured) foot was found 

The decomposed foot of Melissa Caddick pictured in the shoe found by campers on the NSW South Coast on Sunday

The decomposed foot of Melissa Caddick pictured in the shoe found by campers on the NSW South Coast on Sunday

Police were called to Mollymook Beach (stock image) on the NSW South Coast about 9.30pm on Friday night

Police were called to Mollymook Beach (stock image) on the NSW South Coast about 9.30pm on Friday night

Meanwhile, a second crime scene has been set up on a beach 150km away from where Melissa Caddick’s decomposing foot was found inside a shoe.

Police were called to Mollymook Beach on the NSW South Coast about 9.30pm on Friday night after walkers found human remains.

The group came across a large piece of stomach flesh which included a belly button.

DNA testing will be carried out to see if the new remains belong to the conwoman. 

Caddick’s case has sparked wild theories as to her whereabouts, but detectives now believe she either committed suicide or met with foul play.

Police suspect the fraudster took her own life, because she could have reached the Dover Heights clifftops – 300m from her $6.1million home – without being tracked by CCTV cameras. 

On Sunday, campers found her rotting foot inside an ASICS Gel Nimbus shoe 50km north of the Bournda National Park.  

The group of three teenage campers were near Tathra on Sunday when one of them found the shoe lying on the sand.  

When he turned the shoe upside down as he went to throw it out, he discovered there were human remains inside.

Police later used footage from the raid of her home – which had featured vision of her feet – to help identify her as the shoe’s owner. 

They have said it is likely Caddick took her own life after her home was raided by the Australian Securities and Investments Commission on November 11, 2020. Pictured: Map shows the distance between where Caddick's foot was found,where she was last seen and Friday night's latest discovery

They have said it is likely Caddick took her own life after her home was raided by the Australian Securities and Investments Commission on November 11, 2020. Pictured: Map shows the distance between where Caddick’s foot was found,where she was last seen and Friday night’s latest discovery

Days after she was reported missing, NSW Police used modelling to determine where her body might wash up if she had died in the water near her Dover Heights home.  

The modelling deemed it possible that her body could have drifted as far south as Bermagui, about one hour north of Bournda.

They are running out of time to prove their theory, and are in a race against time to access crucial CCTV footage which may provide a lead on the 49-year-old

 Yesterday New South Wales Police said they believe Caddick (pictured) suicided but have not ruled out foul play

NSW Police Assistant Commissioner Mick Willing said the modelling was done in the wake of Ms Caddick’s disappearance, as crews conducted extensive land, air and sea searches. 

In a sworn statement tendered at the Federal Court, and recently made public, ASIC investigator Isabella Allen alleges Caddick hit her with a barrage of questions when authorities raided her home. 

Caddick demanded answers on how she was to abide by a court order freezing her assets. 

Those questions included: When would she have to appear in court? Where would she drop off her passports? Did one order mean she couldn’t use her credit cards, because she used them for all transactions?

Caddick also asked how quickly she had to write up a description of her assets and liabilities, and asked: ‘how am I supposed to do that when you have taken my computers?’

The route from Caddick's $6.1million home on Wallangra Road in Dover Heights (pictured) to nearby clifftops is believed to not have any CCTV cameras facing the road or street

The route from Caddick’s $6.1million home on Wallangra Road in Dover Heights (pictured) to nearby clifftops is believed to not have any CCTV cameras facing the road or street

The 49-year-old (pictured left with husband Anthony on the right) has been accused of swindling at least $20million from clients, including friends and family, before disappearing on November 12

The 49-year-old (pictured left with husband Anthony on the right) has been accused of swindling at least $20million from clients, including friends and family, before disappearing on November 12

ASIC investigator Isabella Allen alleges Caddick hit her with a barrage of questions when authorities raided her $6.2million Dover Heights mansion on November 11 (pictured is bodycam footage of the raid)

ASIC investigator Isabella Allen alleges Caddick hit her with a barrage of questions when authorities raided her $6.2million Dover Heights mansion on November 11 (pictured is bodycam footage of the raid) 

The investigator replied: ‘I am unable to answer that question and it may be best that you speak to a lawyer. Do you have a lawyer?’

It is believed ASIC had been investigating her for three months before the raid.

Caddick is survived by her husband Anthony, a 15-year-old son, parents Barbara and Ted Grimley and brother Adam. 

Mr and Ms Grimley are said to be ‘furious at ASIC’ for the death of their daughter.  

The conwoman used investors funds to prop up a lavish lifestyle, including extravagant overseas trips and designer items. 

Caddick (pictured centre) is survived by her husband Anthony (pictured right), a 15-year-old son, parents Barbara and Ted Grimley and brother Adam.

Caddick (pictured centre) is survived by her husband Anthony (pictured right), a 15-year-old son, parents Barbara and Ted Grimley and brother Adam. 

Her victims were mostly wealthy friends, some of whom invested life savings in Caddick believing they were making returns.  

When ASIC and the Australian Federal Police raided the clifftop home, they seized about $1million in couture gowns, designer clothes, handbags, shoes and jewellery.

Corporate watchdog ASIC said on Wednesday the investigation into Caddick and her company would continue as they try and return funds to investors. 

‘ASIC’s priority is to seek the return of funds to investors in the most efficient way possible,’ an ASIC spokesperson said. 

NSW Police Assistant Commissioner Mick Willing (pictured on Friday) confirmed remains of the missing businesswoman have been found on the NSW far south coast. Also pictured is an exhausted looking Gretchen Atkins (left), the detective who has led the investigation

NSW Police Assistant Commissioner Mick Willing (pictured on Friday) confirmed remains of the missing businesswoman have been found on the NSW far south coast. Also pictured is an exhausted looking Gretchen Atkins (left), the detective who has led the investigation

If Ms Caddick had been found alive, NSW police would have been able to arrest the high-flying financial fraudster.

Liquidators allege the self-styled financial adviser ‘meticulously and systematically’ deceived those who entrusted millions of investment dollars to her over seven years, then used the money to fund her lavish lifestyle.    

‘Melissa’s family were informed of the identification last night and are obviously distressed,’ NSW Police Assistant Commissioner Mick Willing told reporters on Friday.

‘Police have always kept an open mind in relation to what the circumstances were for her disappearance, including the fact that Melissa may have taken her own life.’

Campers found a decomposed foot and ASICS shoe washed up on Bournda Beach (pictured) on the NSW far south coast near Tathra

Campers found a decomposed foot and ASICS shoe washed up on Bournda Beach (pictured) on the NSW far south coast near Tathra

One of the investor victims ripped off by Ms Caddick reacted with shock when told by 2GB breakfast host Ben Fordham.

Cheryl Kraft Reid entrusted almost $1million of her superannuation with Ms Caddick, whom she considered as a friend and last heard from two months prior to her disappearance. 

‘Wow, that’s a sad tragic outcome for her son but its also just a sad tragic outcome for us because we just don’t get closure,’ Ms Kraft Reid told the radio program.

‘Besides the news we’re unlikely to see any return of that, it’s pretty devastating.’

‘It’s not just the money, it’s the consequences of what’s happened to us and for the many years we’ve worked for zero returns because she decided to live an entitled and frivolous life.’

Melissa Caddick's husband Anthony Koletti  (pictured left with Melissa) and her family were informed of the confirmation of her remains on Thursday night

Melissa Caddick’s husband Anthony Koletti  (pictured left with Melissa) and her family were informed of the confirmation of her remains on Thursday night

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