Main replace in battle over Melissa Caddick’s $12k sneakers

November 13, 2023by Naomi Cramer

Melissa Caddick’s son will likely be allowed to maintain half of his sneaker assortment as receivers try and claw again a few of the fraudster’s stolen hundreds of thousands, a court has heard.

Caddick vanished in November 2020, a day after the Australian Securities and Investments Fee raided her Dover Heights over a $23m ponzi scheme which she used to fund an expensive life-style.

Whereas posing as a monetary advisor in Sydney’s japanese suburbs, she fleeced $23m from greater than 50 buyers, who’re in search of to be paid again a few of their losses.

A coroner earlier this yr discovered that Caddick was lifeless however couldn’t decide her method or explanation for dying after a foot washed up on the NSW South Coast three months after the fraudster went lacking.

Receivers have begun promoting her belongings, together with vehicles, designer jewelry and two multimillion greenback houses, to repay the wronged buyers.

A $3m “preliminary distribution” cost to be shared between 55 buyers was introduced in August by accounting agency Jones Companions.

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Earlier this yr the court heard that receivers had been in search of entry to Ms Caddick’s son’s sneaker assortment, which they stated may very well be price tens of hundreds of {dollars}.

Michael Hayter, the solicitor appearing for the receivers, informed the court on the time that one pair of Christian Dior sneakers bought by Ms Caddick may very well be price roughly $12,000, if it was nonetheless in mint situation.

Melissa Caddick MD and Financial planner, at home in Paddington. pic by Andy Baker.
Digicam IconMelissa Caddick stole hundreds of thousands from her duped buyers. Andy Baker. Credit score: Information Corp Australia
Melissa Caddick's son will be able to keep half of his sneaker collection, though more expensive pairs, which could include a pair of $12,000 Jordan 1 Christian Dior sneakers, will be sold off to help repay her creditors.
Digicam IconMelissa Caddick’s son will have the ability to maintain half of his sneaker assortment, although dearer pairs, which might embody a pair of Jordan 1 Christian Dior sneakers price as much as $12,000 in mint situation will likely be bought off to assist repay her collectors. Credit score: Equipped

On Monday morning, Mr Hayter informed Justice Brigitte Markovic that the receivers had come to an settlement with the family for Caddick’s son to retain a few of the sneakers from the gathering.

Mr Hayter stated that he could be allowed to maintain the sneakers price much less cash, whereas the receivers would unload the extra high-end footwear.

“A deal has been achieved with (Caddick’s husband Anthony Koletti) on behalf of (Caddick’s son) that the (son) retain half of the lesser-value sneakers and the receivers will then realise the upper internet price worth sneakers,” Mr Hayter informed the court.

The Federal Court additionally heard that Caddick’s son could be allowed to maintain $8500 in a checking account in his identify.

The court was beforehand informed the receivers had been in search of funds in a checking account that contained $21,000.

Mr Koletti’s solicitor, Richard Allsop, informed the court on the time that roughly $8500 got here from untainted sources.

Mr Hayter on Monday stated that receivers had been glad that $8500 of that cash was both deposited by different members of the family or was money deposits.

Melissa Caddick, with husband Anthony Koletti, before her disappearance. Supplied.
Digicam IconMelissa Caddick, with husband Anthony Koletti, earlier than her disappearance. Equipped. Credit score: Equipped

The court heard that two superannuation accounts in Caddick’s identify – every containing roughly $30,000 every – could be recovered to pay again buyers.

Mr Hayter informed the court that one of many tremendous funds had been topped up utilizing ill-gotten investor funds.

Whereas the opposite, solely a few of the contributions had been made after Ms Caddick established her monetary providers enterprise.

Caddick House Walk Though
Digicam IconMelissa Caddick’s Dover Heights mansion which was raided simply hours earlier than her disappearance. NewsWire / Monique Harmer. Credit score: Information Corp Australia

Caddick’s brother, Adam Grimley was listed as a co-trustee on the account, nevertheless the court heard his signature on the paperwork was solid.

“Mr Grimley says his signatures had been forgeries and he knew nothing concerning the superannuation fund,” Mr Hayter stated.

Regardless of solely a few of the cash coming from buyers, all of that account could be used to pay again buyers.

“It may very well be deemed to be Ms Caddick’s cash during which Ms Caddick’s belongings may very well be deemed to be a part of the receivership belongings,” Mr Hayter stated.

Mr Hayter stated nobody from Caddick’s household had made a declare over the cash held within the account.

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by Naomi Cramer

Auckland Lawyer for FIRST TIME Offenders Seeking to Avoid a Conviction. Family Law Expert in Child Care Custody Disputes. If you are facing Court Naomi will make you feel comfortable every step of the way.  As a consummate professional your goals become hers, with customer service as our top priority. It has always been Naomi’s philosophy to approach whatever you do in life with bold enthusiasm and pure dedication. Complement this with her genuine passion for equal justice and rights for all and you have the formula for success. Naomi is a highly skilled Court lawyer having practised for more than 20 years. She serves the greater Auckland region and can travel to represent clients throughout NZ With extensive experience, an analytical eye for detail, and continuing legal education Naomi’s skill set will maximise your legal rights whilst offering a holistic approach that best fits your individual needs. This is further enhanced with her high level of support and understanding. Naomi will redefine what you expect from your legal professional, facilitating a seamless experience from start to finish.   Her approachable and adaptive demeanor serves her well when working with the diverse cultures that make up the Auckland region. Blend her open and honest approach to her transparent process and you can see why she routinely delivers the satisfying results her clients deserve. If you want to maximise your legal rights, we recommend you book an appointment with Naomi today so she can detail the steps for you to achieve your goals. 

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