A nearly $1m payout could pave the way for resolving one of the most bitter disputes sparked by the disappearance of conwoman Melissa Caddick.
Coronial inquest finds Melissa Caddick is dead
In the Federal Court on Monday, court-appointed receivers finalised their offer to pay Ted and Barbara Grimley $950,000 to vacate a disputed property in Sydney’s ritzy eastern suburbs.
The multimillion-dollar apartment in Edgecliff has become the flashpoint in the fight over the assets and debts left behind by one of the country’s most notorious fraudsters.
Conwoman Melissa Caddick is presumed dead after disappearing in 2020.
Caddick vanished in November 2020, a day after the Australian Securities and Investments Commission raided her Dover Heights home in connection with her alleged financial scam.
She is believed to have stolen at least $23m from more than 50 investors while fraudulently presenting herself as a financial adviser.
A coronial inquest found last month that the conwoman had died but it could not determine the date, cause or location of her death.
Caddick left behind a substantial cache of assets, including designer jewellery, luxurious cars, and two multimillion dollar properties with views of the Sydney Harbour.
Most have been sold by the receivers to repay wronged investors, but Caddick’s parents fought in the Federal Court to retain the Edgecliff apartment after paying more than $1m toward its purchase.
The penthouse Edgecliff apartment bought by Caddick and her parents.
Her parents contributed more than $1m to its purchase.
The Grimleys have not been accused of any wrongdoing.
On Monday, they agreed to waive their claim to the property in exchange for the hefty “pot of money” proposed by the receivers.
The funds from the sale of the apartment will then be distributed between all of Caddick’s defrauded investors, according to a schedule devised by the receivers.
Lawyers for the group of investors and the Grimleys did not oppose the settlement, which was previously described as “the only way forward”.
Caddick’s parents will have six weeks to move out of the apartment after the offer was given the stamp of approval by the Federal Court on Monday.
Barbara and Ted Grimley have received a handsome settlement to move out of their Edgecliff home. Picture: NCA NewsWire / Dylan Coker
The hard-won settlement follows a lengthy legal battle which began when the couple raised objections to the seizure of the Edgecliff property in December 2021.
The $950,000 offer will mostly repay the money they gave Caddick for a stake in their Edgecliff home.
The same cannot be said for their daughter’s out-of-pocket investors, who are facing significantly lower returns on their stolen funds.
The shared pool of funds is believed to be worth millions following the sale of Caddick’s designer jewellery, several luxury cars, artworks, and her multimillion dollar home in Dover Heights.
The court justified equally distributing $3m of those funds to out-of-pocket investors while they await the realisation of the full amount.
The court heard the agreement could spell the end of the ASIC investigation into Caddick and her financial fraud.
Caddick, picture with her husband Anthony Koletti, used stolen money to fund her luxurious lifestyle.
Her fraudulent financial company will be deregistered and a notice will be filed with ASIC by the liquidators, the lawyer for the receivers told the court.
Justice Brigitte Markovic directed that the identities of the fraudster’s investors remain confidential until the conclusion of the legal proceedings.
The court heard they will remain classified as interested parties in the continuing proceedings, alongside Mr and Mrs Grimley.
As most of Caddick’s belongings have not been sold off, her husband Anthony Koletti continues to assert his ownership over several valuable pieces of jewellery.