ASIC has filed proceedings in the Federal Court seeking orders restraining Tyson Scholz from promoting or carrying on any financial services business in Australia.
ASIC suspects that Mr Scholz is carrying on a financial services business without holding an Australian financial services license by delivering training courses and seminars about trading in securities on the ASX. Mr Scholz promotes these courses and seminars on Twitter and Instagram using the handle ‘@ASXWOLF_TS’.
Features of Mr Scholz’s business, to paying subscribers, appear to include:
- subscription/membership fees of $500, $1,000 or $1,500;
- offers of various levels of training courses, referred to as ‘Stage 1’, ‘Stage 2’ and ‘Stage 3’;
- offers of individual one-off share suggestions or ‘tips’ for a fee; and
- offers of access to a private chat site, named ‘Black Wolf Pit’, using online communications platform Discord.
ASIC is seeking final and interlocutory orders prohibiting Mr 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.
Financial advice must only be provided by qualified and licensed financial advisers or financial counsellors. Consumers who receive unlicensed advice do not have the same protections afforded to them under the law as when they receive advice from licensed providers.
Mr Scholz resides in Queensland and is a director of BW Asset Management Pty Ltd and EWOLF Enterprises Pty Ltd.
The matter is listed for hearing in the Federal Court on 17 December 2021 at 10:00am.
ASIC’s investigation into Mr Scholz is ongoing.
On 16 December 2021, the Federal Court ordered, by consent, that Mr Scholz be restrained from promoting or carrying on a financial services business in Australia, until further notice. The matter is relisted for a case management meeting on a date yet to be set.
Editor's note 2:
On 25 February 2022, there was a case management hearing held in this matter where the Federal Court made orders requiring the plaintiff to file and serve its evidence by 20 May 2022. The matter has been listed for a case management hearing on 23 May 2022 at 9.30am AEST.
Editor's note 3:
The case management hearing was rescheduled to 7 June 2022.
Editor's note 4:
On 7 June 2022, there was a case management hearing held in this matter where the Federal Court made orders requiring the defendant to file and serve a Concise Response to ASIC’s Amended Concise Statement and any evidence on which he intends to rely, by 9 August 2022. The Court also granted ASIC leave to file an Amended Concise Statement and Amended Originating Application. The matter has been listed for a case management hearing at 9.30am EST on 12 August 2022. The matter has also been set down for a final hearing for seven days commencing at 10:00am on 29 August 2022.
Editor’s note 5:
The final hearing will be held from 4-7 and 14 October 2022 (amended from 11-13 October 2022).
Editor’s note 6:
The final hearing was held from 4 to 7 October 2022 (the hearing date of 14 October 2022 has been vacated). The Court reserved its decision.
Editor's note 7:
The Federal Court found social media ‘finfluencer’ Tyson Robert Scholz contravened s911A of the Corporations Act by carrying on a financial service business (between March 2020 and November 2021) without an Australian financial services licence. Refer 22-371MR for more information.