Developer allegedly squandered $10m earmarked for disability housing

A Gold Coast property developer stands accused of orchestrating a $10 million fraud scheme, allegedly squandering funds earmarked for specialist disability housing. David McWilliams, co-owner of ALAMMC Developments, appeared in Southport Magistrates Court facing 13 criminal charges. These charges stem from a two-year investigation by the Australian Securities and Investment Commission (ASIC) into the alleged misappropriation of funds meant for National Disability Insurance Scheme (NDIS) participants.

ASIC alleges that between July 2021 and October 2023, McWilliams used over $10 million raised from investors for six NDIS housing projects. Instead of funding construction, the money was allegedly diverted to personal expenses. These included the purchase of an Aston Martin, cryptocurrency investments, a South Australian pub, offshore investments in Seychelles, and a luxury apartment for his business partner and wife, Laura Fullarton.

Reports suggest McWilliams's alleged activities exploited the Specialist Disability Accommodation (SDA) scheme, designed to house individuals with extreme functional impairment. Investors in SDA projects typically receive substantial annual rent support from the government for disabled tenants. However, ALAMMC Developments reportedly only commenced work on one of the six projects linked to the charges. The ALAMMC group of companies was wound up by court order last October, with receivers finding that over $90 million raised from more than 500 investors for SDA construction had seen minimal or no progress on most projects. McWilliams's assets were frozen in November 2024, though court documents indicate lavish spending continued until mid-2025.