ASIC seeks to restrain Tyson Scholz from promoting financial services

finfluencer/ASIC/AFSL/

13 December 2021
| By Jassmyn |
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

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

1 month 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

3 months 4 weeks ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

3 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

1 week 6 days ago

The exit of co-CIOs Andrew Clifford and Clay Smolinski from Platinum has highlighted key person risk, with Morningstar raising its outflow forecast to 33 per cent of FUM ...

1 month ago

TOP PERFORMING FUNDS