Property developer David McWilliams faced court today charged over an alleged $10 million fraud scheme that saw investor cash spent on high-risk investments, property deals, cryptocurrency, and a luxury car.
Mr McWilliams appeared in the Southport Magistrates Court on 13 criminal charges following an ASIC investigation into alleged misuse of funds intended for disability housing.
ASIC alleges Mr McWilliams, as company director, dishonestly used investor funds, and otherwise caused detriment to his company, totalling $10,138,587. Those funds were earmarked for developing specialist disability accommodation for NDIS participants in Queensland and Western Australia. A further charge relates to making a false or misleading statement that induced investors to invest in one project.
If found guilty, Mr McWilliams faces up to 20 years' imprisonment.
ASIC alleges that between July 2021 and 23 October 2023, Mr McWilliams spent over $10 million of investor funds, raised for specific projects, on unrelated purposes. This included purchasing an Aston Martin luxury vehicle, cryptocurrency, a pub in Whyalla, investments in a litigation funder based in the Seychelles and a luxury high-rise apartment in Surfers Paradise for his wife.
Of the six specialist disability accommodation projects associated with the charges, work commenced on one. No projects were ever completed.
This matter is being prosecuted by the Office of the Director of Public Prosecutions (Cth), following an investigation by ASIC.
Background
On 17 July 2024, ASIC commenced an investigation into Mr McWilliams, his wife Laura Fullarton, and the ALAMMC Companies in relation to suspected contraventions of the Corporations Act and the Queensland Criminal Code. ASIC's investigation followed the receipt of information from the Queensland Office of Liquor and Gaming Regulation that Mr McWilliams was gambling significant sums of money at the Star Casino which they suspected were investor funds raised for property developments.
Receivers appointed to the ALAMMC Companies found that through those companies, Mr McWilliams raised more than $90 million from over 500 investors for the purpose of developing specialist disability accommodation.
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 Mr McWilliams, Ms Fullarton, ALAMMC Developments Pty Ltd and related parties (24-207MR).
On 14 October 2025, ASIC obtained orders winding up the ALAMMC Companies on just and equitable grounds (24-245MR).
On 26 November 2025, ASIC filed an application seeking criminal contempt orders against Mr McWilliams and Ms Fullarton. The criminal contempt of court trial was held for four days from 15 June 2025 and judgment has been reserved (25-291MR).
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