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.
Any person who is an investor in ALAMMC Developments Pty Ltd, SDAMF Pty Ltd, Harvey Madison Capital Pty Ltd and Coral Coast Mutual Pty Ltd or the other related entities and has concerns can contact ASIC at ALAMMC.Enquiries@asic.gov.au.
Downloads
- Orders and Reasons of Yates J dated 11 September 2024 (PDF 240 KB)
- Orders of Stewart J dated 16 September 2024 (PDF 165 KB)
Background
The companies that are subject to the court orders are:
- 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.
Editor's Note:
The hearing listed for 27 September 2024 was adjourned and has been listed for a hearing on 21 October 2024 before Justice O’Sullivan.
Editor’s Note 2:
On Friday 18 October, the matter as it relates to the 1st to 13th defendants was listed for hearing on 1 November 2024 before Justice O’Sullivan. On Monday 21 October, the hearing on ASIC’s application for the appointment of receivers to the property of the 14th and 15th defendants was heard before Justice O’Sullivan. Judgment has been reserved.