Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

ASIC seeks to restrain Tyson Scholz from promoting financial services

finfluencer/ASIC/AFSL/

13 December 2021
| By Jassmyn |
image
image image
expand image

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.

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

3 days 22 hours ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

4 weeks ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

6 days 16 hours ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

2 weeks 1 day ago

The inquiry into the collapse of Dixon Advisory and broader wealth management companies by the Senate economics references committee will not be re-adopted. ...

1 week 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND