Missing mum used clients’ money to pay off Amex card: court
Missing millionaire businesswoman Melissa Caddick used $691,275 of clients' money from just one of her 29 bank accounts to pay off her Amex credit card bill, the Federal Court has been told.
It's alleged the money was splurged on high-end travel and luxury goods from her favourite brands including Chanel, Christian Dior and Canturi while she forged documents from CommSec telling her clients how well their investments were doing, it is alleged.
She told clients she would accept nothing less than a minimum investment of $250,000 but mixed their money with her own accounts, which included 29 bank accounts and two in the name of her 15-year-old son, according to documents tendered by the corporate watchdog ASIC.
Ms Caddick, 49, was last seen in the early hours of November 12 - two days after the Federal Police raided her $7 million clifftop home in Dover Heights as part of the ASIC investigation into claims she scammed investors in her company, Maliver Pty Ltd, of as much as $40 million.
Court documents reveal that one of her accounts with the NAB held around 36 potential client deposits of more than $3.9 million between 2018 and June this year.
As well as the Amex bill, she transferred $250,000 to two Qantas accounts and $50,000 into a local account which was used to pay off a penthouse apartment at Edgecliff, as well as more to other accounts.
"Of those funds that are ultimately invested in shares, it appears that very little profit is generated by either capital growth or dividend payments," an affidavit from ASIC investigator Lucy Allen alleges.
ASIC has applied to the court to appoint a provisional liquidator to her company.
The Federal Court has frozen her assets including the bank accounts and confiscated her passport as ASIC claimed she had a US bank account and "means to travel overseas at short notice". Ms Caddick went overseas 20 times between 2009 and October 6 this year. ASIC has the names of at least 61 investors or potential investors it is talking to.
One man invested around $5 million with Ms Caddick for his self-managed super fund.
ASIC traced another investment of $2.5 million by the mother of a school friend of Ms Caddick's son. They found that Ms Caddick transferred $2.4m into her own account, of which $34,600 went on Amex.
Ms Caddick's disappearance is being investigated by the state's homicide squad but there is no evidence of what has happened to her.
Originally published as Missing mum used clients' money to pay off Amex card: court