Found Deceased Australia - Melissa Caddick Missing After Australian SIC Raid - Sydney (NSW) - Nov 2020 #9

[SouthAussie]

Lawyers for the majority of the victims are now considering suing the auditors that Caddick hired and who were tasked with casting a critical eye over her finances.

Given Caddick ran one of the longest frauds in Australian history, not one auditor over the years ever flagged a problem with her financial accounts.

Chapman is at a complete loss as to how the auditors couldn't have noticed the fraudulent behaviour.
"We feel like they've dropped the ball," he told 60 Minutes.
"We feel as though there is a good claim that could be brought forward against the auditors."

Lawyers will be seeking $15 million from the auditors in a potential court case, and if they succeed, the victims of Caddick's scamming would be close to getting back all of the money they lost.

Victims fighting with Melissa Caddick's parents over missing millions

A coroner may have ruled Melissa Caddick legally dead, but her victims are still engaged in a bitter disput...

9now.nine.com.au

 

[they'll get you]

Guess what? I was talking about this case to my girlfriend yesterday. She then told me that Koletti is her hairdresser and he is excellent. He returned to hairdressing last year after finally securing a position as a senior stylist at The Hair Angel in Balmain, in Sydney's inner west.

Melissa Caddick's husband SLAMS portrayal on Channel Nine's Underbelly

In an exclusive interview with Daily Mail Australia, Anthony Koletti describes his portrayal in TV miniseries Underbelly: Vanishing Act as 'sickening' and 'tasteless'.

www.dailymail.co.uk

Yep, there’s our boy.

 

[JBowie]

Lawyers for the majority of the victims are now considering suing the auditors that Caddick hired and who were tasked with casting a critical eye over her finances.

Good. I hope this goes ahead and I hope it is successful.

One thing Ponzi operators seem to have in common is their use of dodgy accountants.

The Ponzi King of the Century, Bernie Madoff, used a shyster accountant buried in an out-of-the way shopping mall.

Caddick used accountant in QLD who had been banned for ten years from managing a corporation as well as jailed for embezzling money from a superannuation fund.

Ex-con and bankrupt advised Melissa Caddick on tax affairs

Missing fraudster Melissa Caddick used former banned bankrupt accountant Cyril ‘John’ Pearson who was jailed for embezzling money from a superannuation fund as an adviser.

www.smh.com.au

E&Y paid a heavy price for being involved with Madoff:

Ernst & Young allegedly relied on audit reports done by Madoff’s accounting firm Friehling & Horowitz, which was located at the time in a strip mall in a New York City suburb. Ernst & Young failed to inquire about Friehling & Horowitz’s professional reputation, Steven Thomas, an attorney for FutureSelect said in closing arguments. Had it done so it would have found out that the accountant wasn’t vetted to do audits as required by industry standards, Thomas said.

Ernst & Young allegedly relied on audit reports done by Madoff’s accounting firm Friehling & Horowitz, which was located at the time in a strip mall in a New York City suburb. Ernst & Young failed to inquire about Friehling & Horowitz’s professional reputation, Steven Thomas, an attorney for FutureSelect said in closing arguments. Had it done so it would have found out that the accountant wasn’t vetted to do audits as required by industry standards, Thomas said.

Jury Finds Ernst & Young Liable for Faulty Madoff Audits

Ernst & Young LLP was found liable by a jury for its failure to vet financial audits backed by con man Bernie Madoff's accountant in the first trial

www.insurancejournal.com

 

[SouthAussie]

Speaking at the SMSF Auditors Association of Australia SMSF Conference 2022, LDB superannuation principal Rohan Mansfield said: “Maybe it’s always been the case. But [the Melissa Caddick situation] is really highlighting if an accountant or a trustee is giving you paperwork, can you rely on it. Can you just rely on a CommSec report or a bank statement because the auditors are all given this type of paperwork?”

“What could the auditors have done [to] resolve this issue? They could have verified one of the shares [on the CommSec account]. I’m not up here saying you’ve got to verify every single share, but if one share had have been verified straight away, it would have highlighted there was a problem,” he noted.

“So it’s really important, going forward, that we try to get independent confirmation of investments [instead of] relying on paperwork that we get from an accountant or a trustee.”

SMSF auditors can learn from Caddick case - SMS Magazine

SMSF auditors must heed the lessons that have emerged from the fraudulent activities uncovered in the well-publicised Melissa Caddick case.

smsmagazine.com.au

 

[Estelle]

And also, her son thought he heard her making his school lunch. It isn't mentioned whether the lunch was found made or not. I am guessing that if the lunch hadn't been made this would have been mentioned as disconfirming his assumption.

337. Witness B’s evidence is that he last saw his mother at around 8.30pm or 9.00pm on the night of 11 November 2020, when she said goodnight to him. He did not see Ms Caddick the next morning; nor did he hear her voice. While he was upstairs in the home gym he assumed that sounds he could hear in the kitchen downstairs were those of his mother, because she usually prepared his school lunch at that time. It was this which led him to assume that it was she who left the house shortly afterwards, when he heard the front door open and shut.
338. There is no suggestion that Witness B was not giving a truthful account to the police and to the court about this. However the fact that he neither saw his mother nor heard her voice that morning reduces the cogency of his evidence on this question.
339. In light of the above, I do not consider there is sufficient reliable evidence to find as a fact that Ms Caddick departed the house at around 6.00am on 12 November 2020.

I have always assumed that her son heard AK making the lunch in the kitchen downstairs and that it was AK who opened the door and shut it pretending that it was MC so that her son would state that. Perhaps, also AK told the son, "Your mother was in the kitchen this morning making your lunch and then left."

 

[Estelle]

Holy **** I think someone got away with murder.

If Melissa was a narcissist then it seems to me she would have left a suicide note blaming someone else for the mess she was leaving behind.

At that point only a couple of people knew her ponzi set-up was about to collapse, correct? Well maybe there was a tip off during the day of the raid. I am really sorry for her victims. Her brother needs therapy.

I also predict that MC was murdered rather than she suicided. I have a couple of suspects in mind. I am also open to believing that her body didn't enter the ocean at Dover Heights.

 

[JBowie]

I have always assumed that her son heard AK making the lunch in the kitchen downstairs and that it was AK who opened the door and shut it pretending that it was MC so that her son would state that. Perhaps, also AK told the son, "Your mother was in the kitchen this morning making your lunch and then left."

When I saw the inside of that house from various police videos, and from photos during the sale period, I could not believe that anyone upstairs in a bedroom could have heard the front door close unless it was well and truly slammed.

 

[JBowie]

Re cliff: Recall that she'd reportedly told a friend that she would jump off The Gap "if it all became too much" (Source: Liar, Liar podcast, IIRC)

Just now getting the time to read thorough Coroner's Report, I note at paragraph 25 that it was reportedly to her brother that she made that comment:

25. In the midst of this family upheaval Ms Caddick is said to have told her brother Adam that ‘ .. if it all gets too much for me you’ll find me at The Gap’. This is of course a reference to an area of Sydney’s cliff line which is a well known site for suicide.

 

[Ooohm]

My opinion is that AK may have helped Melissa get away but inadvertently delivered her into the arms of someone who really did do away with her.
But what do I know?
As always my sincerest best wishes to all her victims.

 

[JBowie]

Caddick's parents in line to receive around 86 cents in the dollar recompense:

A proposed settlement in the ongoing legal dispute over the Sydney home of alleged fraudster Melissa Caddick's parents, would see the couple paid $950,000 and vacate the property, a court has heard.

. . .

Barrister Vanessa Whittaker SC, representing court-appointed receivers, today told the court the "heat seems to have gone out" of the issue of the Edgecliff mortgage, as she set out a proposed settlement.

. . .

Ms Whittaker said the legal mechanisms had been "squarely raised" with investors, who had an opportunity to voice concerns and raise objections.

"Where we say we've arrived at, is they don't object to the way forward, they don't positively consent," she said.

Melissa Caddick's parents in line for $950,000 settlement, court hears

A week after a coroner ruled their daughter was dead, a court hears of a proposed settlement for Barbara and Ted Grimley, as creditors battle to claw back lost funds.

www.abc.net.au

 

[Trooper]

Caddick's parents in line to receive around 86 cents in the dollar recompense:

A proposed settlement in the ongoing legal dispute over the Sydney home of alleged fraudster Melissa Caddick's parents, would see the couple paid $950,000 and vacate the property, a court has heard.

. . .

Barrister Vanessa Whittaker SC, representing court-appointed receivers, today told the court the "heat seems to have gone out" of the issue of the Edgecliff mortgage, as she set out a proposed settlement.

. . .

Ms Whittaker said the legal mechanisms had been "squarely raised" with investors, who had an opportunity to voice concerns and raise objections.

"Where we say we've arrived at, is they don't object to the way forward, they don't positively consent," she said.

Melissa Caddick's parents in line for $950,000 settlement, court hears

A week after a coroner ruled their daughter was dead, a court hears of a proposed settlement for Barbara and Ted Grimley, as creditors battle to claw back lost funds.

www.abc.net.au

This moment is about the only moment you will get a positive vibe from a receiver appointed by the court. And it's a neat 2-way bet , as well, 'they don't object, the don't consent'.. a tidy non comment. 3 cents in the dollar tops, I reckon.. and the grims are lucky to get that.

 

[Estelle]

Just now getting the time to read thorough Coroner's Report, I note at paragraph 25 that it was reportedly to her brother that she made that comment:

25. In the midst of this family upheaval Ms Caddick is said to have told her brother Adam that ‘ .. if it all gets too much for me you’ll find me at The Gap’. This is of course a reference to an area of Sydney’s cliff line which is a well known site for suicide.

How do we know that MC actually said that? IMO he could have been misleading the Coroner to imply, "Look over here, not over there".

 

[SouthAussie]

How do we know that MC actually said that? IMO he could have been misleading the Coroner to imply, "Look over here, not over there".

As well, Melissa apparently said that to her brother 7 or 8 years prior to her disappearance - sometime during 2012/2013 - when she was having family troubles due to leaving her husband for her hairdresser.

Who knows if she would have reacted to pressure in that manner. She didn't then, she sought counselling instead.
And on this occasion she sought legal advice/assistance. Unless she changed her mind about that.


24. Tony Caddick was UK-born, and the family relocated there in 2011. However the marriage ended in acrimony a year later, when Mr Caddick discovered that his wife was having an affair with her hairdresser, Anthony Koletti. Taking Witness B with her, Ms Caddick returned to Sydney and the couple divorced in 2013. This was a time of anxiety and low mood for Ms Caddick, and she sought counselling with a psychologist.

25. In the midst of this family upheaval Ms Caddick is said to have told her brother Adam that ‘ .. if it all gets too much for me you’ll find me at The Gap’. This is of course a reference to an area of Sydney’s cliff line which is a well known site for suicide.

 

[Trooper]

How do we know that MC actually said that? IMO he could have been misleading the Coroner to imply, "Look over here, not over there".

The brother also believed with all his heart and soul that he was going to inherit a gorgeous Ski apartment in Aspen Colorado, and this fervent conviction didn't fall over until the receivers were appointed and it was discovered that the apartment had been rented only. oh dear. too bad. It is hard to be certain that no one knew , particularly the brother and the parents , what was going on. They profited by it, but even they must have known that Melissa was not that clever, nor that cunning. They had the experience.

 

[Trooper]

Frankly, despite the lawyer saying 'the heat seems to have gone out' of the stakeholders, I find that hard to believe, mainly because they all got together and instigated a class action with a high flying lawyer with plenty of experience, and that would not be done to fall over at the final hurdle. I may have misjudged those targets of Melissa's, ........ it's possible. Improbable, though.

 

[JBowie]

As well, Melissa apparently said that to her brother 7 or 8 years prior to her disappearance - sometime during 2012/2013 - when she was having family troubles due to leaving her husband for her hairdresser.

Who knows if she would have reacted to pressure in that manner. She didn't then, she sought counselling instead.
And on this occasion she sought legal advice/assistance. Unless she changed her mind about that.

IMO, troubles emanating from a divorce -- which by all accounts she caused -- is one thing. Troubles emanating from running a scam the size of hers, and being raided by ASIC and the AFP, and served a court attendance order, is next level stuff by comparison.

If she said she was prepared to jump because of the divorce troubles, then I'm quite willing to believe that she jumped due the scam imbroglio and what lay ahead for her there.

 

[JBowie]

The Australian Tax Office is set to return $1 million in taxes paid by fraudster Melissa Caddick, the Federal Court has heard.

For years Caddick paid taxes on the $23.5 million she stole from investors to create the appearance she was operating a legitimate business.

. . .

The money to be returned by the tax office will go into the pool of funds to be distributed to investors.

Bit light on details:

Melissa Caddick’s fake taxes of $1 million to be repaid by ATO

The ATO will have to return the taxes Melissa Caddick paid on the $23.5 million she stole from investors to create the appearance she was operating a legitimate business.

www.smh.com.au

 

[JBowie]

Frankly, despite the lawyer saying 'the heat seems to have gone out' of the stakeholders, I find that hard to believe, mainly because they all got together and instigated a class action with a high flying lawyer with plenty of experience, and that would not be done to fall over at the final hurdle. I may have misjudged those targets of Melissa's, ........ it's possible. Improbable, though.

... and in response Grimleys hired an attack dog who put it to the investors that they could go the easy route and say "OK", or choose to fight it through court until what was left was further depleted by lawyer fees. The lesser of two evils, I guess, hence the lack of keenness on their part.

 

[Via Marple]

The majority of investors, represented by Investor A, had wanted all Caddick’s victims to be treated equally. The payment of $950,000 to the Grimleys represents a 95 per cent return for the couple, while the other investors are set to receive around 36 cents in the dollar.
Melissa Caddick’s fake taxes of $1 million to be repaid by ATO

...Screwed a second time IMO

 

[Trooper]

The Australian Tax Office is set to return $1 million in taxes paid by fraudster Melissa Caddick, the Federal Court has heard.

For years Caddick paid taxes on the $23.5 million she stole from investors to create the appearance she was operating a legitimate business.

. . .

The money to be returned by the tax office will go into the pool of funds to be distributed to investors.

Bit light on details:

Melissa Caddick’s fake taxes of $1 million to be repaid by ATO

The ATO will have to return the taxes Melissa Caddick paid on the $23.5 million she stole from investors to create the appearance she was operating a legitimate business.

www.smh.com.au

Really, it's almost bereft of any detail whatsoever, the good old ATO way. The nice young men in black suits have been at every court proceeding, over 2 years ago, sitting quietly up the back, waiting for their time. The ATO cannot appear to be receiving revenue from a dodgy source, which is why this divvying up of everything is so over examined, one could say. It's the 'investors', including the G's , who's final payout will be scrutinized minutely by the ATO, and hit appropriately with the big hammer that the ATO wields, every now and then, as they all will be taxed as if it is this weeks pay, and not years of 'returns' on investments. Pretty cruel , under the circumstances but the ATO is not in the mercy business.


These scams sometimes work brilliantly, but when they don't , the hawks and vultures that were always just on the horizon come sweeping in.