ASIC responds to Caddick inquest findings

Deputy State Coroner Elizabeth Ryan ruled on Thursday morning that Ms Caddick is dead, yet the precise circumstances surrounding her death remain unresolved.

“I have concluded that Melissa Caddick is deceased. However, a more problematical issue is whether the evidence is sufficient to enable a positive finding as to how she died and when or where this happened,” Ms Ryan said.

She determined that following the ASIC investigation and search warrant, Ms Caddick is likely to have suffered a “catastrophic level of shame and despair”.

“She may well have reached the conclusion that ending her life was the only option.”

Ms Ryan also reflected on the trust that Ms Caddick’s clients placed in her.

“Creating an impression of wealth and success was clearly integral to the confidence which Ms Caddick inspired within her clients. In the words of one investor, she presented an ‘amazingly beautiful image of success both financially and personally’. To judge from the statement provided by her clients, Ms Caddick also possessed a high degree of personal skills and attributes needed to develop and maintain a scheme of this nature,” said Ms Ryan.

The deputy coroner, however, refuted allegations made by Ms Caddick’s family which alluded to ASIC’s potentially negligent and cruel treatment of Ms Caddick.

“There is no evidence that in the execution of the search warrant, the involved ASIC and AFP officers acted improperly, disregarded the welfare of Ms Caddick or her family, exceeded their powers, or took disproportionate measures to ensure the integrity of the search,” she said.

Ms Caddick was last seen at her Dover Heights home on the evening of Wednesday, 11 November 2020, and was reported missing two days later.

Ms Caddick, while posing as an adviser, allegedly defrauded 74 investors out of some $24 million.

ASIC had raised concerns that her firm, Maliver, may have been providing financial services without an AFSL, or with the AFSL of another company without authorisation, to unlawfully deal with investor funds.

The Federal Court made interim orders against Ms Caddick and Maliver in November 2020, including a prohibition against her leaving Australia and removing assets held in Australia.

But Ms Caddick had not shown at the first case management hearing of the matter, having vanished.

Three months later, the 49-year-old’s decomposing foot was found on Bournda Beach on the NSW South Coast.

Following this discovery, the NSW Police said they believed she was dead. However, wild theories have since emerged that Ms Caddick could be living in a hidden location.

ASIC issues statement

Also on Thursday, the corporate regulator issued a statement acknowledging that the coroner found that there “is no evidence“ that in the execution of the search warrant on 11 November 2020, the involved ASIC and AFP officers acted improperly, disregarded the welfare of Ms Caddick or her family, exceeded their powers, or took disproportionate measures to ensure the integrity of the search.

“ASIC maintains that Ms Caddick was treated with respect, decency and in accordance with the relevant ASIC and AFP policies and procedures at all times,” the corporate regulator said.

“The coroner also found that ASIC had strong grounds to suspect Ms Caddick was operating a financial scheme without a licence, and that the scheme was fraudulent, which led to ASIC applying to the relevant Court on 9 November 2020 for warrants to search Ms Caddick’s home.

“ASIC also notes that the coroner has rejected the complaints of cruel and inhumane treatment by ASIC and AFP officers and found that all ASIC and AFP officers involved in the execution of the warrant, particularly Ms Allen, acted entirely appropriately. ASIC welcomes this finding.”

The corporate regulator confirmed that no adverse findings were made against ASIC, or its staff nor were any recommendations made.