Former Gold Coast property developer Michael Steele has pleaded guilty to four rolled-up counts of fraud having misappropriated over $1.3 million of investor funds from companies he controlled contrary to section 408C(1)(a)(i) of the Criminal Code (Qld).

Mr Steele appeared before Southport District Court on 10 April 2025 in relation to offences committed between May 2016 and February 2017.

Fourteen investors deposited funds to be used for developing land in Biggera Waters, Queensland. Mr Steele withdrew the funds and used them for his personal benefit, including purchases of motor vehicles and a residential property.

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. 

A sentencing hearing has been set for 6 June 2025.

The matter is being prosecuted by the Office of the Director of Public Prosecutions (Cth) following an investigation and referral by ASIC.

Background

Mr Steele was charged in March 2023 with seven counts of fraud (23-148MR).

Mr Steele was disqualified from managing corporations by ASIC for the maximum period of 5 years from 23 September 2020. (20-235MR).

ASIC relied on supplementary reports lodged by the liquidators of Eastco and EA Invest, namely David Hambleton of Rodgers Reidy and Glenn O’Kearney of GT Advisory and Consulting, respectively. ASIC assisted both liquidators in preparing their supplementary reports by providing funding from the Assetless Administration Fund.