A former Gold Coast developer who a magistrate described as the  “controlling mind” of a scheme to defraud investors of their superannuation funds has been jailed.

Michael David Steele was sentenced to eight years’ imprisonment for using money invested for commercial and residential property development on the Gold Coast “for his own and the benefit of other family members”.

Steele appeared at Southport District Court on April 10, and pleaded guilty to four counts of fraud after ASIC referred the issue to the Office of the Director of Public Prosecutions.