Gold Coast property developer David McWilliams faced court on Monday charged over an alleged $10 million fraud scheme, ASIC said.
The Australian regulator alleges investor cash was spent on high-risk investments, property deals, cryptocurrency and a luxury car.
The charges sit within ASIC’s broader enforcement action against ALAMMC Developments and related entities in Queensland. The Federal Court imposed freezing orders on 11 September 2024 to preserve assets pending the outcome of ASIC’s case.
ASIC later filed contempt proceedings against McWilliams and co-defendant Laura Fullarton, alleging both breached those freezing orders. The regulator alleges McWilliams withdrew or moved at least $297,327 from frozen bank accounts and undisclosed crypto accounts, and exceeded his court-imposed living expenses allowance by up to $173,026, according to ASIC’s November 2025 release.
The contempt application was heard before Justice O’Sullivan in the Brisbane Registry between 15 and 18 June 2026. His Honour reserved his decision.
Monday’s court appearance follows the 2024 asset freezes and the 2025 contempt action.
