Melissa Caddick’s son will be allowed to keep half of his sneaker collection, but receivers will sell off the more expensive pairs to help repay the fraudster’s victims.
The parents of alleged fraudster Melissa Caddick have been given six weeks to vacate the apartment they shared with their daughter in Sydney’s eastern suburbs.
Barbara and Ted Grimley have been ordered to leave the Edgecliff property before receiving $950,000.
Caddick’s parents claim to have paid over $1 million towards the $2.25 million mortgage.
Investors attempting to recoup the funds, allegedly stolen through Caddick’s multi-million-dollar Ponzi scheme, will take ownership of the property once it is vacated to prepare it for sale.
Caddick vanished in November 2020, a day after the Australian Securities and Investments Commission raided her Dover Heights over a $23m ponzi scheme which she used to fund a luxurious lifestyle.
While posing as a financial advisor in Sydney’s eastern suburbs, she fleeced $23m from more than 50 investors, who are seeking to be paid back some of their losses.
A coroner earlier this year found that Caddick was dead but could not determine her manner or cause of death after a foot washed up on the NSW South Coast three months after the fraudster went missing.
Receivers have begun selling her assets, including cars, designer jewellery and two multimillion dollar homes, to repay the wronged investors.
A $3m “initial distribution” payment to be shared between 55 investors was announced in August by accounting firm Jones Partners.
Earlier this year the court heard that receivers were seeking access to Ms Caddick’s son’s sneaker collection, which they said could be worth tens of thousands of dollars.
Michael Hayter, the solicitor acting for the receivers, told the court at the time that one pair of Christian Dior sneakers purchased by Ms Caddick could be worth approximately $12,000, if it was still in mint condition.
On Monday morning, Mr Hayter told Justice Brigitte Markovic that the receivers had come to an agreement with the family for Caddick’s son to retain some of the sneakers from the collection.
Mr Hayter said that he would be allowed to keep the sneakers worth less money, while the receivers would sell off the more high-end footwear.
“A deal has been done 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 higher net worth value sneakers,” Mr Hayter told the court.
The Federal Court also heard that Caddick’s son would be allowed to keep $8500 in a bank account in his name.
The court was previously told the receivers were seeking funds in a bank account that contained $21,000.
Mr Koletti’s solicitor, Richard Allsop, told the court at the time that approximately $8500 came from untainted sources.
Mr Hayter on Monday said that receivers were satisfied that $8500 of that money was either deposited by other family members or was cash deposits.
The court heard that two superannuation accounts in Caddick’s name – each containing approximately $30,000 each – would be recovered to pay back investors.
Mr Hayter told the court that one of the super funds had been topped up using ill-gotten investor funds.
While the other, only some of the contributions had been made after Ms Caddick established her financial services business.
Caddick’s brother, Adam Grimley was listed as a co-trustee on the account, however the court heard his signature on the documents was forged.
“Mr Grimley says his signatures were forgeries and he knew nothing about the superannuation fund,” Mr Hayter said.
Despite only some of the money coming from investors, all of that account would be used to pay back investors.
“It could be deemed to be Ms Caddick’s money in which Ms Caddick’s assets could be deemed to be part of the receivership assets,” Mr Hayter said.
Mr Hayter said no one from Caddick’s family had made a claim over the money held in the account.