“Unfortunately, Ms Caddick’s success was all a facade and the financial services business was an elaborate front for Ms Caddick’s Ponzi scheme,” Mr Assad said.

One of the distinctive features of the case, said Mr Assad, was the “thorough and diligent” record-keeping by Ms Caddick. This was “most uncommon” for frauds of this type, he told the court.

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The court heard that the contemporaneous notes Ms Caddick took regarding consultations with prospective clients read like a licenced financial adviser with notations about assets, liabilities, superannuation and the like. “They are not talking about football” but the proposed financial investments by these people, Mr Assad told the court.

Unfortunately, once clients invested money, Ms Caddick created fictitious CommSec portfolio statements leading them to believe they had invested in shares. Of the hundreds of pages of these statements “not one” was genuine, Mr Assad said.

“Even…

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