ASIC seeks restraining orders against “ASX Wolf” Tyson Scholz
The Australian Securities and Investments Commission (ASIC) has filed proceedings in the Federal Court seeking orders restraining Tyson Scholz, also known as “ASX Wolf” from promoting or carrying on any financial services business in Australia.
The regulator 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’.
Mr Scholz offers individual one-off share suggestions or ‘tips’ for a fee, as well as 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.
The regulator explains that 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.