The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
DevelopmentLindsay SaundersWed 09 Apr 25

Former Gold Coast Developer Pleads Guilty to Fraud

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.


ResidentialGold CoastOther
AUTHOR
Lindsay Saunders
The Urban Developer - News Editor
More articles by this author
linkedin icon
ADVERTISEMENT
TOP STORIES
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
Aerial view of Caboolture and Bruce highway to Brisbane with Bribie Island Road crossing, Queensland, Australia
Policy

Queensland’s $2bn Push Opens New Housing Front

Vanessa Croll
First projects named in a statewide plan to fast-track supply, including thousands of homes in a major growth region…
LATEST
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
2 Min
Aerial view of Caboolture and Bruce highway to Brisbane with Bribie Island Road crossing, Queensland, Australia
Policy

Queensland’s $2bn Push Opens New Housing Front

Vanessa Croll
2 Min
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/gold-coast-fraud-developer-guilty-plea-michael-steele