ASIC has begun urgent civil proceedings against company director David McWilliams and several of his companies that offered investment opportunities for purpose-built, NDIS-compatible property development schemes across Australia.
On 11 September 2024, the Federal Court made orders preserving the assets of ALAMMC Developments Pty Ltd, SDAMF Pty Ltd, Harvey Madison Capital Pty Ltd and Coral Coast Mutual Pty Ltd, and other related entities.
Orders were also made preserving the assets of Mr McWilliams and his partner, Laura Fullarton, and restraining Mr McWilliams from leaving Australia.
ASIC is investigating the businesses conducted by Mr McWilliams and his companies in relation to the provision of financial services and use of investor funds from 1 January 2021.
ASIC opened its investigation after receiving information in relation to Mr McWilliams' gambling activities.
On 16 September 2024, the Federal Court extended the asset preservation and travel restraint orders made on 11 September 2024. The matter is next listed for hearing on 27 September 2024.
