The NSW Coroner has found alleged Sydney fraudster Melissa Caddick is dead but says it's not possible to draw conclusions about how or where she died.
The 49-year-old hasn't been seen since November 2020, shortly after her Dover Heights home, in Sydney's east, was raided by the corporate watchdog, the Australian Securities and Investments Commission (ASIC).
ASIC had been investigating an alleged Ponzi scheme run by Ms Caddick and an inquest into her suspected death heard investors lost between $20 and $30 million.
At the time her home was raided, authorities suspected she had stolen in excess of $23 million.
Foot discovery circumstances
Three months after she disappeared, a decomposed foot washed up on a NSW South Coast beach and while it was matched to Ms Caddick through DNA analysis, the cause of death wasn't able to be determined by an autopsy.
Deputy State Coroner Elizabeth Ryan today concluded Ms Caddick was dead but said questions around how, when and where she died remained "problematical".
An inquest held over several weeks heard evidence from experts including oceanographers who considered whether her body first entered the water at cliffs near her home.
"The oceanographic evidence therefore establishes that it is possible Ms Caddick's body entered the waters off Dover Heights on or about 12 November 2020," said Magistrate Ryan.
However, she added there can't be full certainty around the circumstances due to ocean drift direction and velocity variables.
"It was possible that Ms Caddick's body had gone into the water at innumerable coastal points between Hobart and Brisbane."
Magistrate Ryan said it was "certainly possible" Ms Caddick died by suicide in that manner, but could not make findings beyond that.
"A finding that a particular scenario is plausible does not equate to acceptance of it on the basis of reasonable satisfaction," she said.
"I have concluded it is not possible to find Ms Caddick died as a result of falling from the cliffs near her home with the intention of taking her own life."
Magistrate Ryan noted there were no reliable sightings of Ms Caddick, nor CCTV captures of her, at any coastal area and medical evidence with regard to falling from a height was "neutral".
'Lack of candour is regrettable'
Ms Caddick's husband, Anthony Koletti, reported her missing about 30 hours after he claimed to have last seen her and denied any knowledge of the Ponzi scheme while he gave evidence at the inquest last year.
But he said he had concluded his wife was "a fraudster" by listening to court proceedings since she vanished, and also denied helping her disappear.
Magistrate Ryan today said it was "notable" that every police officer who had any significant interaction with Mr Koletti suspected he had knowledge of her movements but concealed it.
She said his evidence at the inquest was "riddled" with inconsistencies — and when he wasn't creating further inconsistencies, he was attempting to account for them with "opaque and at times, unintelligible explanations".
The coroner said Mr Koletti's confusing evidence may have contributed to the lack of findings in the inquest, but it was hard to be sure.
"The inescapable conclusion I have reached is that throughout the investigation and the inquest Mr Koletti has chosen at times to make statements that are simply untrue," Magistrate Ryan said.
This invited questions as to why he was unwilling to provide a "frank account" of what took place in the 30 hours before he reported her missing, the coroner said.
"I have concluded that during the period 11 to 13 November 2020 he had some awareness of Ms Caddick's movements over the previous two days, but he chose not to disclose it."
Mr Koletti did not give a full and frank account to the court about what happened, Magistrate Ryan concluded.
"It is not possible to know precisely what information he has withheld from police," the coroner said.
"His lack of candour is regrettable."
Outside court today, shortly after the findings were handed down, Mr Koletti pushed his way past journalists as he attempted to leave.
Ms Caddick's brother, Adam Grimley, can be heard honking his horn loudly as Mr Koletti refused to answer any questions.
Role of investigators
Magistrate Ryan also made findings about the adequacy of the police investigation, after the inquest heard the first officer in charge of the investigation didn't immediately refer the case to the homicide squad because he decided she hadn't been harmed.
"Having regard to all the evidence, I have concluded it was premature to have dismissed this possibility," she said.
Magistrate Ryan said while this failure created a risk that information that could have shaped the direction of the investigation may have been lost, it could only be speculated as to whether the information might have been useful.
A spokesperson for ASIC acknowledged there were no adverse findings made against them, after Mr Koletti complained of "cruel and inhumane treatment" during a search of their property in 2020.
"The coroner found there is no evidence ... the involved ASIC and AFP officers acted improperly, disregarded the welfare of Ms Caddick or her family, exceeded their powers, or took disproportionate measures to ensure the integrity of the search," they said.
"ASIC maintains that Ms Caddick was treated with respect, decency and in accordance with the relevant ASIC and AFP policies and procedures at all times."
