Gold Coast Businessman Accused of Spending Millions of Investor Money at Casino
A Gold Coast businessman, David George McWilliams, is facing serious accusations of spending nearly $40 million of investors' money at the casino. The Australian Securities and Investments Commission (ASIC) launched an investigation after receiving a tip-off from the Queensland Office of Liquor and Gaming. The investigation revealed that McWilliams placed bets worth $39,535,728 at Star casinos between October 2022 and February 2023.
McWilliams, the sole director of ALAMMC Developments, offered investors fixed returns of 10% per year and a 15% bonus upon completion of development projects. ASIC's investigation found that investors had deposited more than $69 million in the company's accounts since April 2021. However, financial records show that McWilliams' wife, Laura Mary Fullarton, withdrew $2.5 million from company accounts during the same period and allegedly used investors' money to purchase a luxury vehicle and unit on the Gold Coast.
Police raided the couple's home in September and discovered $112,000 cash inside a locked suitcase in their bedroom. Justice Patrick O'Sullivan, who presided over the case, expressed concerns about the couple's "suspicious conduct" in managing investor funds. He described their actions as "incompetence or carelessness" at best and "serious breaches of trust" at worst.
The court has appointed receivers to investigate the amount of investor funds received by ALAMMC Developments and its related entities. Personal assets owned by the couple and their companies have been frozen, and McWilliams is banned from leaving the country until July 2024.