Former Gold Coast property developer Michael Steele has pleaded guilty to four rolled-up counts of fraud over the misappropriation of more than $1.3 million in investor funds from companies he controlled, contrary to section 408C(1)(a)(i) of the Criminal Code (Qld).
Steele entered the pleas in the Southport District Court on 10 April 2025. The offences occurred between May 2016 and February 2017.
Fourteen investors had provided money for a land development at Biggera Waters on the northern Gold Coast. Instead, Steele withdrew the funds and used them for personal expenses, including 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 when the conduct occurred and the amount involved.
A sentencing hearing was initially set for 6 June 2025. On 4 June, the matter was adjourned to 7 August 2025.
The case is being prosecuted by the Office of the Director of Public Prosecutions (Commonwealth) following an investigation and referral by ASIC.
Steele was charged in March 2023 with seven counts of fraud. He was disqualified by ASIC from managing corporations for five years from 23 September 2020. ASIC relied on supplementary reports lodged by the liquidators of Eastco and EA Invest — David Hambleton of Rodgers Reidy and Glenn O’Kearney of GT Advisory and Consulting — and provided funding assistance through the Assetless Administration Fund.
