A woman who has invested $2.5 million with Melissa Caddick told an inquest she found out the alleged fraudster was using someone else's financial services license, despite a chance meeting in a Sydney dental clinic.
Since November 2020, Ms Caddick hasn't been seen since November 2020 after the Australian Investment and Securities Commission ASIC and Australian Federal Police raided her Dover Heights home in Sydney's east.
ASIC was investigating the 49-year-old over an alleged Ponzi scheme at the time, and an inquest into her suspected death has found that the alleged fraud involved was between $20 and 30 million.
Witness Dominique Ogilvie told the court she initially transferred $450,000 to Ms Caddick in April 2020 after meeting her in January in Aspen, Colorado.
She said that Ms Caddick was a financial advisor who ran a small company from home, working with about 15 clients.
She texted Ms Caddick in July, in response to a portfolio summary she sent.
The inquest heard that she had invested $2.5 million with Ms Caddick's company Maliver and later the same month, was told by Ms Caddick that she'd made a profit of $300,000.
After establishing a friendship with Ms Caddick, she had a chance meeting with another financial advisor, Jennifer Porter, in the waiting room of a Sydney dental clinic. Ms Porter asked if her advisor was Melissa Caddick.
Ms Ogilvie told the court that she needed to speak with you.
I felt like she needed to tell me something she alarmed me that something could be wrong. The court heard that the two later met at Ms Ogilvie's home, where she showed Ms Porter's investment documents, which included an Australian Financial Services Licence number.
She said yes, that's my number, and she's illegally using it without my permission, Ms Ogilvie said.
I sort of gulped and was very anxious. I was confused. The court heard Ms Ogilvie rang Ms Caddick and used the excuse that she had seen a house she wanted to buy as she requested all her shares be sold.
Ms Caddick returned Ms Ogilvie's $2.5 million, as well as a profit of $380,000.
Ms Ogilvie told the court she didn't have any concerns about the misuse of client funds, but she didn't want to do business with someone who was doing something illegal. She was interviewed by ASIC on September 14, having cut back from speaking to Ms Caddick because she felt uncomfortable.
The court has previously heard that Ms Caddick inquired about and booked services with a document shredding company, but an ASIC investigator has testified that she doesn't believe Ms Caddick was tipped off. Have you ever had any discussions or communications with Ms Caddick about ASIC's investigation? Louise Coleman, Junior Counsel Assisting, asked.
Ms Ogilvie replied never, adding that the only people she discussed the matter with were her brothers or family.
The court heard Ms Ogilvie ignored several calls from Ms Caddick and did not reply to her voice mails requesting a catch up in October and November 2020.