Melissa Caddick and Maliver found to have engaged in unlicensed conduct
The Federal Court has found Melissa Caddick and her company, Maliver Pty Limited (Maliver), carried on a financial services business without holding an Australian financial services licence (AFSL).
The collection and distribution of assets would be handled by the receivers and liquidators, subject to the Court’s oversight.
The Court found Caddick operated without an AFSL from about October 2012 until about November 2020, while Maliver operated without an AFSL from about June 2013 and until November 2020.
The Court decision followed a three-day hearing on 29 June, 2021.
On 10 November, 2020, the Federal Court made interim orders against Maliver and Caddick, and she was reported to have disappeared on 12 November.
On 15 December, 2020, Bruce Gleeson and Daniel Soire of Jones Partners had been appointed as receivers of Caddick’s property and liquidators of Maliver which was ordered to be wound up.
On 30 March, 2021, ASIC withdrew the criminal charges against Caddick, which it was required to do to enable civil proceedings in the Federal Court to continue.
AUTHOR
Chris Dastoor
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
