Disgraced property developer William O'Dwyer handed four-year jail term over company collapse

It's been described as one of the biggest frauds in Australian history.

Now, the architect behind it has finally been sentenced for ripping off hundreds of mum and dad investors.

Ralan Group Director William O'Dwyer was today handed a four-year prison sentence after pleading guilty to six counts of fraud.

Hundreds of investors bought into the Ralan dream.

It was one of the country's biggest private developers, specialising in high-rise apartments in Sydney and the Gold Coast.

But it was a fraud.

Ralan Group collapsed in 2019 with more than 3000 apartments in the pipeline.

But an ASIC investigation would uncover O'Dwyer was deceiving investors.

Between 2015 and 2018, O'Dwyer dishonestly drew down on finance facilities totalling $251.5 million.

He deceived lenders into believing that pre-sale deposits from apartment buyers were held in a trust account.

But they weren't.

Instead, the money was used to fund future projects which all came unstuck when his builder went bust.

Ralan went under owing $323 million.

Investors like Jenette, who put down deposits for two apartments, were asked to sign the money over to the developer for a 15 per cent return on interest.

It was an offer that would prove too good to be true.

"We didn't realise (we could lose the money) because they have 15 years doing the same thing," she said.

At the time A Current Affair caught up with O'Dwyer, who told the program he felt "awful for the stress it's caused everyone".

But O'Dwyer was living the high life prior to Ralan's collapse in a multi-million-dollar home in Sydney's eastern suburbs.

He used a company credit card to the tune of tens of thousands of dollars on school fees, shopping trips and alcohol.

All the while investors hit rock bottom.

Victim David Roberts, who lost more than $200,000 to the scheme, attended the court hearings.

"It's still a sad day for several hundred investors that have lost their superannuation, lost maybe their loans, their ability to buy properties, some of these people bought properties for their children," Roberts said.

Victims filled the back of the district court as Judge Troy Anderson rejected claims O'Dwyer acted the way he did due to poor mental health.

O'Dwyer will now go from his multi-million-dollar mansion to the "big house".

His wife and three daughters burst into tears as they learned his fate.

But for his victims, there were mixed emotions.

"I think a percentage of the creditors will feel a sense of vindication," Roberts said.

"But I thought he would probably get between five to seven years given the fact about 1400 people lost $300 million."

O'Dwyer will be eligible for parole in June 2026 - cold comfort for the thousands of investors who won't get a cent back.