Missing fraud suspect's foot found on Australian beach

Melissa Caddick went missing three months ago. Image supplied

Melissa Caddick went missing three months ago. Image supplied

Her decomposed foot was found in the water near Tathra on February 21, police revealed on Friday.

The remains of missing Sydney millionaire and alleged fraudster Melissa Caddick have been found following a bombshell development in the months-long case.

The body of Melissa Caddick has been found on the NSW South Coast.

The Australian Federal Police (AFP) raided Caddick's home two days before she disappeared as part of an investigation by the corporate regulator ASIC after an investor discovered she had never held an Australian Financial Services licence.

Modelling by NSW Police marine rescue teams, taking tides and drift patterns into account, has explored the possibility that Ms Caddick entered the water in the Dover Heights area around November 12.

"ASIC will continue to work with the receivers and provisional liquidators to prepare for the Federal Court hearing listed on 7 and 8 April".

"Thanks, Ben ... gee, this is the first time I've heard what they've found", Ms Kraft Reid said.

He said her family had been told of the discovery on Thursday and were "obviously distressed".

Caddick is accused of swindling clients, including friends and family, out of millions of dollars through her finance business Maliver Pty Ltd.

The ASIC investigation will remain ongoing, assistant commissioner Willing confirmed, stating investors are still being interviewed.

"Wow, that's a sad tragic outcome for her son, but it's also a sad tragic outcome for us because we don't get closure", Ms Kraft Reid said.

Her purchases included expensive holidays to the U.S. ski resort town of Aspen, as well as couture gowns, designer clothes, shoes and handbags, and jewellery.

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Melissa Caddick was last seen at her Dover Heights home in November.

The liquidators said on Wednesday they were unable to find a single example of a legitimate investment in the name of the investor.

The 49-year-old then used the money to fund an "extravagant lifestyle" and property purchases, according to provisional liquidator Bruce Gleeson.

But the Australian Securities and Investment Commission said its investigation into her alleged crimes is continuing.

"All the investors believed that all was going well".

Instead, Ms Caddick mixed "many, many millions" of investors' funds in company bank accounts and her own personal accounts.

Her disappearance left her unemployed hairdresser husband Anthony Koletti and his teenage stepson, 15, high and dry, after the Federal Court this week ordered the pair's weekly living allowance be stopped because there was no money left.

The announcement comes as it was revealed earlier this week that Caddick had just $5,600 in her bank account when she went missing three months ago.

Ms Caddick, 49, disappeared on November 12 previous year after leaving her home for what her husband believed was a morning run at 5.30am.

Neither Caddick's son nor Koletti are accused of any wrongdoing in relation to the ASIC investigation or her disappearance.

In December, the court heard the financial planner was allegedly operating her company without a license as it drained a combined $13.1 million of investors' cash, with many not seeing a return.

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