Last night, ACA alleged the reality star was luring his fans to “sink their cash” into controversial skin-care product, Nerium.
The nine network underwent a "special investigation" into the 35-year-old’s involvement with Nerium, an anti-ageing skincare brand that’s attracted criticism overseas.
They also claimed that the business operates much like a pyramid scheme, faking before and after photos and using fake celebrity endorsements, which lead to a lawsuit from actor Ray Liotta.
WATCH: Michael answers some curly questions from ACA below. Post continues...*
Prior to the airing of the segment, Michael shared a video with his fans, claiming he was ambushed by a camera crew that morning and wanted to explain himself before the report was broadcast.
In a bid to offer full transparency, he explained, "They asked me some questions on this new business that I'm bringing to Australia which is called Nerium. It's a wonderful business, you know the success it's had in many of my promotional videos and things like that."
"'They're claiming this particular business is a pyramid scheme and I'm all about ripping off Australians and taking their money in a pyramid scheme," he continued.
Denying that it is any such thing, he clarified, "I don't support pyramid schemes in any single way, shape or form. Nerium is a legitimate business with a proven track record that has been approved to operate in Australia."
Fair Trading explains that a "pyramid scheme essentially allows someone to make money by recruiting businesses or people rather than by selling real and legitimate products or services – even if a product or service is involved."
"Participants are often asked to make a payment, known as a 'participation payment', to join and are promised payments for recruiting other investors or new participants."
In Australia, pyramid schemes are not only morally and ethically frowned upon, they're illegal.
Check out the former Olympian talk about his motivational website... Article continues!
Despite condoning ACA's allegations, Michael took part in the interview, and welcomed camera crews into his home in a bid to set the record straight.
"It's going to be done the right way. People are going to be educated, and are going to be looked after. I certainly wouldn't intentionally get into a pyramid scheme if that's what this business is," he explained.
"I just give them opportunities."
This isn't the first time Michael has come under fire.
Last year he made headlines when for lying about his lifestyle, from his fake Rolex to sharing stock images of Cristal on his Instagram account.
Standing by his choices, he said, “I just want to make sure people know that I was fully transparent with them, I’m not hiding anything, I’m not about to start hiding things from you guys.”
Michael was even happy enough to show the ACA reporter his less than glamorous alcohol cupboard.
"I don't stock (Cristal) in my cupboard, but I enjoy it with my parents. This is my little wine cupboard," the former athlete said, as he opened his linen cupboard to reveal a small collection of alcoholic beverages.
Meanwhile, Sam Frost defended her former flame during her morning radio slot on 2DayFM.
"I don’t think he would even intentionally get involved in a pyramid scheme. I really feel for him."
"I think he may have been conned into this. Being ambushed like that. I think that’s an awful thing," Sam said on Tuesday's show of Rove & Sam.
- Women of the FutureJudges Ita Buttrose, Lisa Wilkinson and Julie Bishop reveal the moment that made them
Australian Women's WeeklyToday 3:36pm
- Real LifeGorgeous 63-year-old grandmother shows off incredible bikini body
Australian Women's WeeklyToday 11:00am