ASIC formally commenced an investigation into the conduct of David George McWilliams, ALAMMC Developments Pty Ltd, Coral Coast Mutual Pty Ltd, Harvey Madison Pty Ltd and related companies on 17 July 2024.
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.
On 11 September 2024, Justice Yates of the Federal Court made orders freezing the assets of Mr McWilliams, his wife and several companies of which Mr McWilliams is a director.
In his judgment, Justice Yates noted that, [ASIC’s investigation] “was prompted by receipt of information from the Queensland Office of Liquor and Gaming Regulation about Mr McWilliams’s gambling activities, and the fact that he had lost significant sums of money at the Star Casino.”
His Honour continued, “ASIC suspects that the gambled funds were sourced from investments made by investors in the businesses operated by the corporate defendants, or at least a number of them, raising concerns that these funds may have been misappropriated for this purpose.”
ASIC will update this website when important steps are taken in relation to the matter.
Updates
On 10 September 2024, ASIC filed 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 2 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 wife, Laura Fullarton, and restraining Mr McWilliams from leaving Australia (24-207MR).
On 21 October 2024, ASIC’s application for the appointment of receivers to the property of Mr McWilliams and Ms Fullarton was heard before Justice O’Sullivan.
On 22 October 2024, Justice O’Sullivan made orders appointing receivers to both Mr McWilliams and Ms Fullarton (24-236MR).
On 1 November 2024, Justice O’Sullivan made orders appointing receivers to the 13 corporate defendants, including ALAMMC Developments Pty Ltd, SDAMF 2 Pty Ltd, Harvey Madison Capital Pty Ltd and Coral Coast Mutual Pty Ltd (24-245MR).
At the conclusion of the hearing on 3 December 2024, Justice O'Sullivan made a number of orders, including orders allowing the Receivers to deliver a single, combined report, and extending the time for delivery of that report to 25 February 2025. The report will set out the work done by the Receivers to:
identify, collect, and secure the property of Mr McWilliams, Ms Fullarton and the thirteen corporate entities;
ascertain the amount of the investor funds received by Mr McWilliams, Ms Fullarton and the thirteen corporate entities;
identify any dealings with, payments of, distributions of, or uses made of, the investor funds by Mr McWilliams, Ms Fullarton and the thirteen corporate entities; and
identify any property purchased or acquired with investor funds.
The best way to get information about this investigation is to monitor this webpage. ASIC will continue to update the webpage while the investigation progresses.
Any person who is an investor in ALAMMC Developments Pty Ltd, SDAMF 2 Pty Ltd, Harvey Madison Capital Pty Ltd and Coral Coast Mutual Pty Ltd or other related entities and has concerns can contact ASIC at ALAMMC.Enquiries@asic.gov.au.
Please note that ASIC is endeavouring to respond to emails received as soon as practicable, but we note that:
We cannot answer individual queries about your investment;
We may not be able to answer all questions immediately; and
We are limited in the information that we can provide (taking into account legal, regulatory, and privacy requirements).
Relevant media releases
24-245MR Federal Court appoints receivers to ALAMMC Developments
24-236MR Federal Court appoints receivers to director of ALAMMC Developments
24-207MR ASIC obtains urgent court orders against director and companies providing investment opportunities in NDIS-compatible property developments
Frequently Asked Questions
1. Who/ What is ASIC?
The Australian Securities and Investments Commission (ASIC) is Australia’s corporate, markets, and financial services regulator.
ASIC is an independent Australian Government Body.
Our role includes protecting consumers who have funds invested in Australia’s financial system, maintaining and improving the performance of the financial system, and taking whatever action we can, and which is necessary to protect consumers and to give effect to the law.
2. What companies are the subjects of the court action?
The following companies are defendants in ASIC’s court action:
ALAMMC Developments Pty Ltd
ALAMMC Developments 2 Pty Ltd
ALAMMC Developments 3 Pty Ltd
ALAMMC Developments 4 Pty Ltd
ALAMMC Developments 5 Pty Ltd
ALAMMC Developments 6 Pty Ltd
ALAMMC Developments 7 Pty Ltd
SDAMF 2 Pty Ltd
SDAMF 3 Pty Ltd
SDAMF 4 Pty Ltd
Mortgage Mutual Fund Pty Ltd
Harvey Madison Capital Pty Ltd and
Coral Coast Mutual Fund Pty Ltd.
3. I am an investor in one of the companies under investigation, why am I not receiving my monthly payments?
On 11 September 2024, the Federal Court made interim orders preserving the assets of ALAMMC Developments Pty Ltd, SDAMF 2 Pty Ltd, Harvey Madison Capital Pty Ltd and Coral Coast Mutual Pty Ltd, and the other corporate defendants.
The asset preservation orders made extend to the bank accounts of the corporate defendants. These orders were made for the purposes of protecting assets and maintaining the status quo while ASIC undertakes its investigation. The nature of these preservation orders means that investors may not have received their monthly interest payments since the orders were made on 11 September 2024.
ASIC has applied to the Court for receivers to be appointed over the corporate defendants. ASIC is seeking orders that the receivers are to identify and protect any property of the companies and provide a report to the Court on the use of investors’ funds.
4. Where can I find more information/updates about the civil proceeding in the Federal Court?
This website will be kept updated throughout the investigation.
5. Why are the companies being investigated by ASIC? Are the companies insolvent?
ASIC has set out its approach to enforcement in Information Sheet 151ASIC’s approach to enforcement. ASIC considers a number of factors when deciding if enforcement action is appropriate to address particular misconduct, such as the seriousness of the alleged misconduct, its impact on the confidence of investors and financial consumers, and the consequences of the misconduct for investors and others.
ASIC cannot comment on its open investigation further than what is available through its court actions. As of 24 October 2024, none of the corporate defendants had appointed a liquidator or an administrator.
6. What has happened to my money and what has happened to the companies?
In an order dated 1 November 2024, Justice O’Sullivan appointed receivers over the 13 corporate defendants, including ALAMMC Developments Pty Ltd, SDAMF 2 Pty Ltd, Harvey Madison Capital Pty Ltd and Coral Coast Mutual Pty Ltd. These receivers have been given powers under the Corporations Act to do certain things, including to identify, collect and secure property of the corporate defendants, ascertain the amount of investor funds received by the corporate defendants, identify property purchased or acquired with investor funds and to provide a report to the court in relation to these matters. In those orders, Justice O’Sullivan also extended the asset preservation orders until further order.
7. How long is the investigation going to take?
Due to the complex nature of the investigation, we cannot estimate how long it will take to complete.
8. Are you able to advise on the status of our investment? What will happen to the capital investment?
ASIC cannot provide any advice to investors about their individual investments.
9. Can ASIC get back our money? When can we expect to receive our payments? Will the payments be in full or partial?
ASIC does not have the power to make payments to investors. We cannot advise you on your individual circumstances and we recommend you seek independent advice.
11. Where can I get information about financial hardship?
While ASIC unfortunately cannot advise on individual circumstances, ASIC's Moneysmart.gov.au has resources that may be of assistance in relation to financial counselling services, debt management and emergency assistance.
If you are experiencing financial difficulty, you can speak to an independent financial counsellor for free by contacting the National Debt Helpline (NDH) on 1800 007 007 (9:30am to 4.30pm in your local Australian time zone, Monday to Friday). The NDH may not be able to assist with your SMSF specifically.
If you are experiencing distress and would like to speak to someone, further support is available at:
