Specialist Disability HousingVanessa CrollMon 22 Jun 26
Developer Faces Court Over $10m NDIS Housing Fraud Case
A Gold Coast property developer faces up to 20 years in prison if found guilty on fraud charges alleging more than $10 million raised for specialist disability housing was used for unrelated purposes, including an Aston Martin, cryptocurrency and a pub.
David McWilliams appeared in Southport Magistrates Court on Monday on 13 criminal charges following an Australian Securities and Investments Commission (ASIC) investigation into National Disability Insurance Scheme-linked housing projects.
ASIC alleges McWilliams, as a company director, dishonestly used investor funds and otherwise caused detriment to his company totalling $10,138,587.
The money was raised for specialist disability accommodation projects for NDIS participants in Queensland and Western Australia.
ASIC alleges funds raised for specific projects between July, 2021 and October 23, 2023 were used for unrelated purposes.
Those purposes included an Aston Martin luxury vehicle, cryptocurrency, a pub in Whyalla, investments in a Seychelles-based litigation funder and a luxury highrise apartment in Surfers Paradise for McWilliams’ wife.
A further charge relates to an alleged false or misleading statement, which ASIC alleges induced investors to put money into one project.
ASIC said work began on one of the six specialist disability accommodation projects linked to the charges. None was completed.
The charges are the latest step in a long-running ASIC investigation into McWilliams, his wife Laura Fullarton and the ALAMMC group of companies, which offered investment opportunities for purpose-built, NDIS-compatible property development schemes across Australia.
ASIC has previously described the entities as several of McWilliams’ companies.
Receivers appointed to the ALAMMC companies found more than $90 million had been raised from more than 500 investors for specialist disability accommodation projects.
ASIC began investigating in July 2024, after receiving information from the Queensland Office of Liquor and Gaming Regulation.
The regulator said the office had raised concerns about McWilliams gambling “significant sums of money” at The Star casino, suspected to be investor funds raised for property developments.
ASIC launched urgent civil proceedings in September, 2024.
The Federal Court made orders preserving assets of ALAMMC Developments Pty Ltd, SDAMF Pty Ltd, Harvey Madison Capital Pty Ltd, Coral Coast Mutual Pty Ltd and related entities.
The court also made orders preserving assets of McWilliams and Fullarton, and restraining McWilliams from leaving Australia.
Helen Newman and Andrew Fielding of BDO were later appointed receivers over ALAMMC Developments and 12 related corporate entities.
The receivers were tasked with investigating how much investor money had been received by the companies and reporting to the court.
The Federal Court ordered the remaining ALAMMC group companies be wound up on just and equitable grounds in October, 2025, after concerns identified by court-appointed receivers about investor funds and the viability of the businesses.
ASIC has also brought separate criminal contempt proceedings against McWilliams and Fullarton over alleged breaches of freezing orders.
In those proceedings, ASIC alleges McWilliams moved at least $297,327 from frozen bank accounts and undisclosed crypto accounts, failed to disclose interests in two racehorses, a crypto account and other bank accounts, and diverted racehorse prize money to an undisclosed account.
It also alleges Fullarton moved at least $245,159 from frozen ANZ and other bank accounts.
The contempt application was heard before Justice O’Sullivan in the Federal Court in Brisbane from June 15 to 18, 2026.
Judgment has been reserved. No finding has been made against McWilliams in relation to the criminal charges.
The charges are being prosecuted by the Commonwealth Director of Public Prosecutions.
