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.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.