ASIC seeks to restrain Tyson Scholz from promoting financial services

The corporate regulator is seeking restraining orders on Tyson Scholz from carrying or promoting any financial services business in Australia.

The Australian Securities and Investments Commission (ASIC) filed proceedings in the Federal Court as it suspected Scholz carried on a financial services business without holding an Australian financial services licence.

ASIC said Scholz delivered training courses and seminars about trading in securities on the Australian Securities Exchange (ASX) and promoted them on Twitter and Instagram using the handle @ASXWOLF_TS.

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Scholz resided in Queensland and was a director of BW Asset Management and EWOLF Enterprises.

Scholz’s business to paying subscribers included:

  • Subscription/membership fees of $500, $1,000 or $1,500;
  • Offered of various levels of training courses, referred to as ‘Stage 1’, ‘Stage 2’ and ‘Stage 3’;
  • Offered of individual one-off share suggestions or ‘tips’ for a fee; and
  • Offered of access to a private chat site, named ‘Black Wolf Pit’, using online communications platform Discord.

ASIC is sought final and interlocutory orders prohibiting Scholz from:

  • Promoting or carrying on providing recommendations or opinions about the purchase of shares in exchange for money or other benefits;
  • Promoting or carrying on any financial services business in Australia; and
  • Receiving, soliciting, transferring or disposing of customer funds received in connection to providing recommendations or opinions about the purchase of shares.

ASIC noted consumers who received unlicensed advice do not have the same protections afforded to them under the law as when they receive advice from licensed providers.

The matter was listed for a Federal Court hearing on 17 December, 2021.

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