The Australian Securities & Investments Commission (ASIC) announced that former Gold Coast property developer Michael Steele has pleaded guilty to four rolled-up counts of fraud involving the misappropriation of more than AUD 1.3 million in investor funds from companies he controlled. The offences relate to conduct between May 2016 and February 2017, in which 14 investors deposited funds intended for a Biggera Waters, Queensland land development. Instead, Mr Steele withdrew the money and used it for personal benefit, including purchasing motor vehicles and a residential property. The matter is being prosecuted by the Office of the Director of Public Prosecutions (Cth) following an ASIC investigation and referral, and the maximum penalty under the Criminal Code (Qld) ranges from 12 to 20 years’ imprisonment depending on the date of offending and the amount involved. A sentencing hearing is scheduled for 6 June 2025.
Australian Securities & Investments Commission 2025-04-10
Australian Securities & Investments Commission reports former Gold Coast property developer pleads guilty to investor fund fraud
The Australian Securities & Investments Commission (ASIC) reported that former Gold Coast property developer Michael Steele pleaded guilty to four counts of fraud, misappropriating over AUD 1.3 million from 14 investors between May 2016 and February 2017. The funds, intended for a land development in Biggera Waters, Queensland, were used for personal purchases. The case, prosecuted by the Office of the Director of Public Prosecutions after an ASIC investigation, carries a maximum penalty of 12 to 20 years' imprisonment under the Criminal Code (Qld).