A former Gold Coast property developer has pleaded guilty to fraud charges over a land development at Biggera Waters.
Michael David Steele, from Murwillumbah in northern NSW, pleaded guilty to four rolled-up counts of fraud when he appeared in the Southport District Court on April 10.
The charges related to his misappropriation of more than $1.3 million of investor funds from companies he controlled between May of 2016 and February, 2017.
Fourteen investors deposited funds to be used for developing the land. Steele withdrew the funds and used them for his personal benefit, including purchases of motor vehicles and a residential property.
Steele was charged in March of 2023 with seven counts of fraud.
The matter is being prosecuted by the Office of the Director of Public Prosecutions following an investigation and referral by ASIC.
A sentencing hearing has been set for June 6.
Under the Criminal Code (Qld), the maximum penalty for the offences ranges between 12- and 20-years’ imprisonment depending on the date of the offending and the amount of the fraud involved.
ASIC said in a statement that it had relied on supplementary reports filed by the liquidators of Eastco and EA Invest, namely David Hambleton of Rodgers Reidy and Glenn O’Kearney of GT Advisory and Consulting, respectively.
It said it had assisted the liquidators in preparing their supplementary reports by providing funding from the Assetless Administration Fund.
ASIC had previously disqualified Steele from operating companies until September 2025 over his involvement in two collapsed companies, Eastco Developments and EA Invest, which were put into administration in April of 2018.
