Bad advice to invest into NDIS property schemes?

FD Legal is aware of a number of financial advisors who have recommended their clients to invest into National Disability Insurance Scheme (NDIS) housing investments.  These investments have not worked out leaving many clients facing substantial losses.

In a recent ASIC media release ASIC confirmed that proceedings had been commenced against David McWilliams and several of his companies that offered investment opportunities for purpose-built, NDIS-compatible property development schemes across Australia.  ASIC also obtained orders in the Federal Court preserving the assets of companies involved with NDIS including ALAMMC Developments Pty Ltd, SDAMF Pty Ltd, Harvey Madison Capital Pty Ltd and Coral Coast Mutual Pty Ltd, and other related entities.

Another company which FD Legal understands that was involved in the NDIS developments, DomaCom Limited, released a statement to the ASX in October 2024 which acknowledged “here have been difficulties renting out certain properties partly due to oversupply that has impacted the returns to investors”.

We have received complaints that advertising materials provided by financial advisors contained misleading information in respect of the risks involved in the investments.  We are also investigating whether advisors provided personal financial advice when recommending the investments to their clients.

If you have been recommended by your advisor to invest into a NDIS housing scheme and you are facing losses, we ask that you contact Financial Dispute Legal to discuss your circumstances and consider any rights to recover compensation on 1300 433 533 or enquiry@fdlegal.com.au

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