The Australian Securities & Investments Commission announced that property developer David McWilliams has appeared in the Southport Magistrates Court on 13 criminal charges following an investigation into the alleged misuse of AUD 10,138,587 in investor funds. ASIC alleges the money was raised for specialist disability accommodation projects for National Disability Insurance Scheme participants in Queensland and Western Australia, but was instead used for unrelated purposes. The charges include alleged dishonest use of company funds causing detriment to the company and one alleged false or misleading statement that induced investors to invest in a project. According to ASIC, between July 2021 and 23 October 2023 Mr McWilliams spent more than AUD 10 million of project-specific investor money on high-risk investments, other property dealings, cryptocurrency and personal purchases, including an Aston Martin, a pub in Whyalla, an investment in a Seychelles-based litigation funder and a Surfers Paradise apartment for his wife. Of the six specialist disability accommodation projects linked to the charges, work started on one and none were completed. The matter is being prosecuted by the Office of the Director of Public Prosecutions following ASIC's investigation. ASIC's broader investigation began in July 2024 after information from the Queensland Office of Liquor and Gaming Regulation, and receivers later found that more than AUD 90 million had been raised from over 500 investors through the ALAMMC companies for specialist disability accommodation developments.

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