Arabic version: مطور جولد كوست يواجه تهمًا تتعلق بالاحتيال بقيمة 10 ملايين دولار
David McWilliams, a property developer from Gold Coast, has been charged with 13 criminal counts related to an alleged $10 million fraud scheme involving funds intended for disability housing projects. According to ABC News, the Australian Securities and Investment Commission (ASIC) conducted a two-year investigation into Mr. McWilliams and his business partner, Laura Fullarton.
The charges stem from accusations that McWilliams misappropriated over $10 million raised from investors for the construction of Specialist Disability Accommodation (SDA) projects backed by the National Disability Insurance Scheme (NDIS). Allegedly, he diverted these funds to personal expenses, including luxury purchases like an Aston Martin and high-risk investments.
During his tenure as director of ALAMMC Developments from July 2021 to October 2023, McWilliams is accused of spending investor capital on items unrelated to the intended housing projects. ASIC’s findings indicate that while he raised more than $90 million from over 500 investors, only one of the six SDA projects linked to the charges was initiated.
Mr. McWilliams appeared in Southport Magistrates Court and faces serious charges that could lead to a maximum of 20 years in prison if found guilty. His case is set to return to court in August, with the ALAMMC group of companies having already ceased operations in October last year due to a Federal Court order. The court has frozen McWilliams’s assets following ASIC raids on his Gold Coast office and apartment.
