Mr Michael David Steele, of NSW, has appeared at Southport Magistrates Court charged with seven counts of fraud.
Following an ASIC investigation, it is alleged that between May 2016 and February 2017, Mr Steele misled 14 investors into withdrawing funds from their employer superannuation funds and savings accounts to invest in a property development at Biggera Waters, Queensland.
ASIC alleges that Mr Steele advised the investors to invest their funds in EA Invest Pty Ltd (A.C.N 611 544 788), the corporate entity that was to purchase and develop the property in Biggera Waters. ASIC further alleges that Mr Steele withdrew more than $1.3 million of the invested funds from the company bank accounts and used the money for purposes other than the property development.
At the time Mr Steele allegedly misled the investors, ASIC alleges that he was a shadow director and the controlling mind of EA Invest Pty Ltd.
Mr Steele appeared in the Southport Magistrates Court on 5 June 2023. The matter has been adjourned to 17 July 2023 for mention.
This matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
Mr Steele has been charged with seven counts of breaching s408C(1)(a)(i) of the Queensland Criminal Code.
The maximum penalty for the alleged offences ranges from between 12 and 20 years imprisonment depending on the date of the offending and the amount of the fraud involved.
Editor's note 1:
On 17 July 2023, the matter was listed for mention on 21 August 2023.
Editor's note 2:
On 21 August 2023, the matter was adjourned to 16 October 2023.