A Gold Coast husband and wife who ran the ALAMMC Group of companies moved hundreds of thousands of dollars from frozen bank accounts and he failed to disclose his interests in two racehorses, prize money and crypto assets, ASIC alleges in Federal Court contempt proceedings.
ASIC has applied for declarations that Mr David McWilliams is guilty of contempt of court for allegedly:
- withdrawing or moving at least $297,327 out of bank accounts the court had frozen, and out of crypto accounts he had not disclosed, ultimately exceeding the court-imposed living expenses allowance by between $131,566 and $173,026
- failing to disclose interests he held in two racehorses ("Within The Law" and "Ellibaby"), a crypto account, and other bank accounts
- diverting $39,304 in racehorse prize money from "Within The Law" to an undisclosed account belonging to his son after the freezing orders were made
- selling a 5% interest in the racehorse "Within The Law" for $35,000.
ASIC has applied for declarations that Ms Laura Fullarton is guilty of contempt of court for allegedly withdrawing or moving at least $245,159 out of ANZ and other bank accounts the court had frozen, ultimately exceeding the court-imposed living expenses allowance by between $54,760 and $113,270.
ASIC Deputy Chair Sarah Court said, 'We consider these actions to be serious breaches of the Court's orders, undermining the asset preservation regime and the administration of justice.
'Breaching freezing orders and failing to disclose other interests impedes the efforts of ASIC, receivers, and liquidators to preserve assets for the benefit of investors,' the Deputy Chair said.
The freezing orders were made by the Federal Court in 2024 to preserve assets pending the outcome of ASIC's case against ALAMMC Developments and related entities.
Last month, the Federal Court ordered the remaining ALAMMC Group companies be wound up on just and equitable grounds over significant concerns identified by the Court-appointed receivers about investor funds and the viability of the businesses (25-236MR).
ASIC has filed the application seeking leave to commence contempt proceedings against Mr McWilliams and Ms Fullarton with the Federal Court.
Background
The freezing orders were made by the Federal Court on 11 September 2024 and subsequently extended and varied, to preserve assets in connection with ASIC's enforcement action against ALAMMC Developments Pty Ltd and related parties.
The Receivers and Managers have provided detailed evidence of the alleged breaches in the Fourteenth Affidavit of Andrew Peter Fielding, filed 4 September 2025.
For further information see ALAMMC Developments.
