Posted on: October 9, 2023, 06:48h.
Last updated on: October 9, 2023, 06:48h.
An Australian sports car enthusiast known as “Lambo Guy” is facing potential legal trouble as regulatory authorities in Victoria and South Australia investigate his company, LMCT+, over suspicions of operating an illegal lottery.
LMCT+, founded by Portelli in 2018, reportedly earned AUD60 million (US$38 million) in revenue last year through subscription sales that can reach up to AUD100 (US$63.46) per month. However, authorities are raising concerns about the legitimacy of the business model.
The investigations are being conducted by South Australia’s Consumer and Business Services and the Victorian Gambling and Casino Control Commission. According to a report in The Herald Sun, both regulatory bodies have received complaints regarding LMCT+ and are actively investigating the matter.
Finding A Niche
The nature of these complaints has not been publicly disclosed, but it is believed they are related to the company’s lottery operations and subscription model.
LMCT+ operates a unique buyer’s club subscription model that offers discounts on products from various companies. Under a New South Wales license, the organization conducts lotteries to help businesses attract customers by offering prizes.
Authorities will examine whether LMCT+ is complying with regulations and operating within the legal framework that governs lotteries and consumer rights, given the questions raised by its business model.
In response to the investigations, Portelli has expressed full cooperation with regulatory authorities and voiced confidence in the company’s compliance with existing laws and regulations.
A Controversial Figure
Portelli has faced controversy due to his extravagant lifestyle and legal issues. His decision to lift a luxury McLaren Senna into his penthouse, located 57 stories up, has raised questions about the legality and safety of such an operation.
In addition to the McLaren incident, Portelli has been accused of theft during his appearance on The Block, a popular reality TV show focused on home renovation and design. Allegations suggest that Portelli took items from a property without proper authorization. Portelli denies the accusations.
These controversies have been widely discussed, with opinions divided on the appropriateness of Portelli’s actions. Critics argue that they demonstrate a lack of responsibility and respect for the law, while supporters see them as a reflection of his success and entrepreneurial spirit.
The McLaren now resides in Portelli’s luxury penthouse at the Sapphire by the Gardens tower in Melbourne’s Central Business District. However, Portelli has stated that the AUD39-million (US$24.75 million) apartment serves as a weekend hideout.