Misappropriating funds meant for disabled housing to buy cryptocurrency and cars, 20 years in prison is truly not unjust.

Wu Says has learned that the Australian Securities and Investments Commission (ASIC) announced that real estate developer David McWilliams has appeared in court over an alleged A$10 million fraud scheme and faces 13 criminal charges. ASIC alleges that he misappropriated investor funds that were originally meant for a special housing program for people with disabilities, involving a total of A$10,138,587 (approximately US$6.7 million). The funds were allegedly used for high-risk investments, real estate transactions, cryptocurrency investments, and luxury cars. ASIC said that of the six related projects, only 1 has started construction, and no projects have been completed. If McWilliams is convicted, he could face up to 20 years in prison.