The Federal Court has confirmed that Melissa Caddick and her company, Maliver, carried on a financial services business without holding an Australian Financial Services Licence, contrary to section 911A of the Corporations Act.
As such, the court has ordered Maliver be wound up, with Bruce Gleeson and Daniel Soire of Jones Partners to be appointed as liquidators. The pair have also been appointed receivers of Ms Caddick’s property.
According to an ASIC statement, the collection and distribution of assets will be handled by the receivers and liquidators, subject to the court’s oversight.
Ms Caddick, while posing as an adviser, allegedly defrauded investors out of more than $20 million, according to law firm Bridges Lawyers.
The 49-year-old, went missing from her home in Sydney’s eastern suburbs on 13 November 2020, and her partial remains were found in February this year.
ASIC has continued to pursue the wind-up of her company Maliver in the courts with a view to returning any available funds to investors.
Since when is fraud a “financial servies company”?
Lucky all of the licensing and regimes are in place to stop this sort of thing.
Interesting question about the CSLR. I think it would fund this!! It seems that advisers money will fund everyone, banks, Fund Managers etc so why not this.
What financial services company? oh I forgot, this is the legal stuff that us advisors are paying for because it has something to do with money and somebody pretending to be in our industry???
HA! do you really think AFCA will step in to save the day? These poor clients will be lucky to get back enough money for a cup of coffee!
She wasn’t licensed so why would AFCA have anything to do with it? They may as well have given the money to their neighbour for all the protection they had.
Dumb question… if the compensation scheme of last resort (CSLR) legislation gets through would we be funding such occurrences?
Nope, nor the forthcoming crypto crash washup either (as crypto is not a financial product).