An Aussie whose meteoric rise led to his being dubbed “Lambo Guy” for his luxury sports car collection might soon find his explosive world come crashing down. Regulatory authorities in the Australian states of Victoria and South Australia have launched investigations into Adrian Portelli and his company, LMCT+, over concerns it might be operating an illegal lottery.
Adrian Portelli shows off the McLaren race car he stores in his Melbourne penthouse. His company, LMCT+, faces an investigation for possibly operating an illegal lottery. (Image: Adrian Portelli/Instagram)
LMCT+, which Portelli launched in 2018, reportedly generated AUD60 million (US$38 million) in revenue last year through the sale of subscriptions that can cost up to AUD100 (US$63.46) per month. However, regulators are questioning whether his business model is legitimate.
The investigations are being conducted by South Australia’s Consumer and Business Services and the Victorian Gambling and Casino Control Commission. Both regulatory bodies have received and are actively looking into complaints regarding LMCT+, according to a report by The Herald Sun.
Finding A Niche
The nature of these complaints has not been disclosed publicly. However, they’re presumed to be related to the lottery operations and the subscription model employed by the company.
LMCT+ operates a unique model, presenting itself as a buyer’s club subscription with associated discounts on products purchased from various companies. Under a New South Wales license, the organization conducts lotteries through a system specifically designed to help businesses attract customers by offering prizes.
LMCT+’s business model raises questions about the intersection of lotteries, buyer’s clubs and potential consumer protection concerns. Authorities are likely to scrutinize whether the company is operating within the legal framework and adhering to regulations governing lotteries and consumer rights.
Portelli, in response to the investigations, has stated that LMCT+ is committed to full cooperation with regulatory authorities. He said he’s confident that the company’s operations are in compliance with existing laws and regulations.
A Controversial Figure
Portelli has brought the spotlight on himself through the controversies surrounding his extravagant lifestyle and legal troubles. The revelation of a luxury McLaren Senna being lifted by a crane into his penthouse – 57 stories in the air – left many scratching their heads. Questions have been raised about the legality and safety of such an operation, as well as the motivations behind it.
In addition to the peculiar McLaren incident, Portelli faces accusations of theft stemming from his appearance on The Block, a popular reality TV show centered around home renovation and design. Contestants on The Block are given a budget to renovate properties before selling them at auction, with any profit made beyond the budget considered winnings.
Allegations have surfaced suggesting that Portelli may have taken items from the property he was renovating on the show without proper authorization. Portelli has denied the accusations.
The controversies have fueled speculation and discussion in both social and traditional media, with opinions divided on the appropriateness of such behavior, especially in the public eye. Critics argue that the incidents highlight a lack of responsibility and respect for the law, while supporters contend that the actions are simply a manifestation of his success and entrepreneurial spirit.
The McLaren now sits in Portelli’s luxury penthouse at the Sapphire by the Gardens tower in Melbourne’s Central Business District. However, according to his own comments, the AUD39-million (US$24.75 million) apartment is nothing more than a weekend hideout.
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