The Australian Securities and Investments Commission (ASIC) has initiated contempt proceedings against Gold Coast couple David McWilliams and Laura Fullarton for allegedly breaching court orders related to frozen assets. The couple, who operated the ALAMMC Group of companies, is accused of moving substantial funds from bank accounts that had been frozen by the Federal Court in connection with an ongoing investigation.
According to ASIC, both individuals failed to comply with asset preservation orders established by the court. The allegations state that McWilliams did not disclose ownership interests in two racehorses, significant prize money, and various cryptocurrency assets. Fullarton is specifically accused of withdrawing or transferring at least $245,159 from accounts held at ANZ Bank and other financial institutions. This amount purportedly exceeds the court-approved living expenses allowance by between $54,760 and $113,270.
Serious Allegations of Court Order Breaches
ASIC Deputy Chair Sarah Court expressed concerns regarding the severity of these alleged violations. “We consider these actions to be serious breaches of the Court’s orders, undermining the asset preservation regime and the administration of justice,” Court stated. She emphasized that such breaches hinder ASIC’s efforts to secure assets for the benefit of investors, as well as the work of receivers and liquidators involved in the case.
The Federal Court initially issued freezing orders on September 11, 2024, aimed at protecting assets pending the resolution of ASIC’s case against ALAMMC Developments and its associated entities. The court’s orders have since been extended and modified to ensure compliance and asset preservation.
In a significant development last month, the Federal Court ordered the winding up of the remaining ALAMMC Group companies, citing serious concerns identified by court-appointed receivers regarding investor funds and the overall viability of the businesses. This decision reflects the court’s commitment to protect investors amid rising concerns about the operations of the ALAMMC Group.
Evidence and Next Steps in Legal Proceedings
ASIC has filed an application seeking permission to commence contempt proceedings against both McWilliams and Fullarton in the Federal Court. The evidence of the alleged breaches has been detailed in the Fourteenth Affidavit of Andrew Peter Fielding, which was submitted to the court on September 4, 2025. This affidavit includes comprehensive documentation of the alleged financial activities that are now under scrutiny.
As the case unfolds, the actions taken by ASIC aim to uphold the integrity of the financial system and ensure that investor interests are safeguarded. The outcome of these proceedings could have significant implications for the couple and the broader ALAMMC Group, as the court continues to navigate the complexities of this high-profile case.
For further updates and information, refer to ASIC’s official communications regarding ALAMMC Developments and related proceedings.
