NDIS housing provider goes bust as liquidator questions missing cash
Dozens of investors put their savings into the Fairy Meadow House project in Wollongong which raised some $10 million, but nothing was ever built.
Fairy Meadow House, a housing development in Wollongong for people with disabilities, went bankrupt after $5 million was withdrawn from company accounts by its director, Shaun Mowbray. The $5 million was taken in ten separate transactions, which the liquidators could not verify as legitimate. Despite being offered a 10% return on investment annually for four years, investors lost all their savings when the project failed to materialize.
The failure of Fairy Meadow House is the latest in a series of housing projects under the National Disability Insurance Scheme (NDIS) that have collapsed, leaving investors with significant financial losses. Other developers involved in failed SDA projects include David McWilliams and Aiden Garrison. The liquidators have identified potential criminal breaches by Mowbray and will submit a report to the financial regulator.
Currently, investors are considering moving overseas due to the unsustainable cost of living in Australia. The Australian Securities and Investments Commission (ASIC) is investigating Mowbray, but the NDIS Minister Jenny McAllister has not indicated any assistance for the affected investors.
Written by urgent.news from ABC News AU's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
