The Federal Court has found that missing woman Melissa Caddick was engaged in unlicensed conduct prior to her disappearance.
The court found Ms Caddick had been operating without the proper financial licence from October 2012 until November 2020.
Her company Maliver, which dealt with tens of millions of investor's money, had operated without the required licence from June 2013 until November 2020.
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Ms Caddick disappeared from her home in Sydney's Dover Heights on November 12 last year, days after raids from the Australian Federal Police following a tip-off that she was faking investments.
In February, remains of a human foot confirmed to be Ms Caddick's washed up on a South Coast beach more than 250 kilometres away.
A coroner's report into her disappearance and suspected death is yet to be handed down.
Following the Federal Court's decision today, Bruce Gleeson and Daniel Soire of Jones Partners have been appointed as receivers of Ms Caddick's property and the liquidators of Maliver.
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Ms Caddick's assets – including her $6 million Dover Heights home – will be sold in an attempt to pay back 72 clients who say they are owed more than $23 million.
A forensic analysis of Ms Caddick's financial affairs showed she had created false documents using a CommSec letterhead with falsified account numbers to show investors what return they had made on her investments.
Some clients received payouts, believed to be with credit injected into Maliver by other investors.
The Australian Securities and Investments Commission (ASIC) received an anonymous tip-off about Ms Caddick's conduct after a legitimate financial services provider discovered she had been using their licence number without permission.
