ASX Wolf Tyson Scholz banned from giving financial advice

The self-proclaimed influencer ‘ASX Wolf’ has lost his bite with the court banning Tyson Scholz from hosting fee-paying trading chat rooms or giving share tips.

Gold Coaster Tyson Scholz has been banned from carrying a financial services business by the Federal Court. Picture: Adam Head

Social media influencer and self-proclaimed “ASX Wolf” Tyson Robert Scholz has been banned from operating a financial services business following a permanent injunction by the Federal Court.

Scholz, who describes himself as a global equity trader with a “market-leading” trading course on his Instagram profile, was found in December to have contravened part of the Corporations Act by carrying on a financial service business between March 2020 and November 2021 without an Australian financial services licence.

The influencer, who this week was spotted rapidly selling off high-end goods online just weeks after a warrant was issued for his arrest, has now been permanently prohibited from carrying on a financial services business in Australia.

He has also been banned from hosting online groups where members are charged a fee and messages are exchanged about share trades.

ASIC Deputy Chair Sarah Court said financial services laws exist for the protection of investors.

“ASIC sought permanent injunctions in this case because the people who paid Mr Scholz to access private online forums where he made recommendations about shares, as well as those people who purchased shares based on these recommendations, did not have the benefit of these protections,” she said.

“Anyone who recommends financial products or provides financial advice on social media must ensure they are complying with the law and may face ASIC enforcement action when they are not.”

Scholz offered subscription and membership fees of $500, $1000 or $1500 to subscribers for various levels of share trading training – referred to as stage one, stage two and stage three.

According to ASIC the stage two package provided one-year access to a private chat site, dubbed ‘Black Wolf Pit’, using the online communications platform Discord.

Separately, the Instagrammer faces charges of fraud, making false declarations, and speeding.

Queensland Police allege Scholz was caught speeding in a rented Ferrari, then falsely claimed it was his partner driving and had the ticket reissued to her in April last year.

He also faces other unrelated traffic charges and has not appeared in court.

Originally published as ASX Wolf Tyson Scholz banned from giving financial advice