Whereas the total quantity is but to be revealed, it’s understood to be in extra of $25 million. Traders’ cash ended up in her private financial institution accounts and was used to amass property, luxurious items, designer garments and indulgent holidays overseas, the Federal Courtroom has beforehand heard.
Ms Caddick handed herself off as a monetary adviser with neither her nor her firm Maliver holding an AFS licence. It’s a prison offence attracting a two-year jail time period and/or a $22,000 high quality to conduct a monetary companies enterprise with no licence.
Upon receiving traders’ funds she then created false financial institution and Commsec paperwork to mislead traders into considering she had invested in shares on their behalf.
“There are a whole bunch of false financial institution statements, share contracts and share buying and selling statements,” mentioned Mr Gleeson in a media assertion. He additionally mentioned that the provisional liquidators “haven’t recognized any circumstances” through which any of the CommSec accounts she offered to her shoppers “have been discovered to be true.”
The Commonwealth Financial institution and CommSec have confirmed that the accounts or reference numbers don’t exist, mentioned Mr Gleeson.
“Our view subsequently is that the paperwork have been falsified, in order to mislead traders and provides Ms Caddick and the Firm monetary advantages,” he mentioned.
Ms Caddick’s personal Self Managed Tremendous Fund (SMSF) revealed “fictitious portfolio statements, contract notes and financial institution statements in order to inflate the worth of property in her SMSF,” Mr Gleeson mentioned.
The liquidator additionally referred to the extraordinary management Ms Caddick had in regard to info offered to her personal exterior advisors and for these performing on behalf of traders in making ready tax returns and different monetary statements.
“Ms Caddick appeared insistent on sustaining such data in varied Excel spreadsheets versus utilizing an accounting software program bundle which might probably have given such advisers improved visibility over the reporting of monetary info,” Mr Gleeson mentioned in his assertion. He concluded that this was carried out deliberately to allow her to create “deceptive monetary positions” not simply of her firm Maliver, but additionally the monetary affairs of her shoppers.
Mr Gleeson indicated that there could be a forthcoming court docket software in April to be appointed liquidators of Maliver as an alternative of their present place as provisional liquidators . This might allow them to begin promoting Ms Caddick’s property.
As on the finish of this week, Ms Caddick’s husband and her teenage son from a earlier marriage is not going to obtain any additional cash from Ms Caddick’s accounts, famous Mr Gleeson. For the final two months the court docket allowed them dwelling bills of $1700 per week.
Mr Gleeson urged anybody with any information of Ms Caddick’s monetary affairs and property or different traders who’re owed cash to contact Jones Companions.
The matter returns to court docket on April 7.
Kate McClymont is an investigative journalist at The Sydney Morning Herald.