The federal court has confirmed that Melissa Caddick and her company Maliver conducted a financial services business without holding a financial services license, months after the now-deceased Caddick was prohibited from selling assets or leaving the country as ASIC investigated allegations she stole millions in client funds.
The court found Caddick operated without a license for eight years between October 2012 and November 2020 and that her company Maliver did so from June 2013 to November 2020.
According to the corporate regulator, receivers and liquidators have been appointed to handle the collection and distribution of assets held by Caddick, with her Maliver enterprise to be wound up.
In February this year ASIC said in court Caddick had appropriated about $13 million in client funds, though a law firm acting for alleged victims said the figure is likely much higher.
Unfortunately for the advice industry, many mainstream media outlets attached the label of “adviser” to Caddick as the story unfolded, despite the regulator’s charge that she was operating sans an AFSL.
On February 26 police declared Caddick deceased after the missing businesswoman’s foot was found washed up on a beach 400 kilometres south of Sydney.
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