ASIC seeks a court ban on ‘ASX Wolf’
Corporate watchdog ASIC has filed proceedings in the Federal Court seeking orders restraining Gold Coast businessman Tyson Scholz from promoting or carrying on any financial services business in Australia.
Tyson Scholz found to have contravened the Corporations Act facing court action from ASIC (Pic: Instagram)
ASIC said it suspected that Scholz was carrying on a financial services business without holding an Australian financial services license. It alleged he was delivering training courses and seminars about trading in securities on the ASX.
Scholz promotes these courses and seminars on Twitter and Instagram using the handle ‘@ASXWOLF_TS’. ASIC also alleges Scholz uses the Discord voice over the internet platform.
Scholz resides in Queensland and is a director of BW Asset Management Pty Ltd and EWOLF Enterprises Pty Ltd.
ASIC said features of his business included subscription/membership fees of $500, $1000 or $1500. It alleged he also offered of various levels of training courses and individual one-off share suggestions or ‘tips’ for a fee as well as offers of access to a private chat site, named ‘Black Wolf Pit’.
ASIC is seeking 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.
The matter is listed for hearing in the Federal Court on on Friday, December 17.
ASIC’s investigation into Scholz is ongoing.
