Regulatory Alerts2025-08-08
Former Gold Coast property developer sentenced to eight years’ imprisonment for defrauding superannuation investment funds
ASIC reported that former property developer Michael David Steele was sentenced to eight years in prison for fraudulently misappropriating over $1.3 million from 14 investors' superannuation and savings. Steele diverted the funds intended for a Biggera Waters development to cover personal expenses, including property purchases, family fees, and gambling, resulting in total loss for the investors. The conviction, prosecuted by the CDPP following an ASIC referral, also triggers an automatic disqualification from managing corporations for five years after his release.
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