'ASX Wolf' Tyson Scholz bankrupt in ASIC crackdown


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ASIC has secured sequestration orders against finfluencer Tyson Scholz, the self-proclaimed 'ASX Wolf,' effectively declaring him bankrupt.

The corporate regulator sought sequestration orders against Scholz for not paying Federal Court-mandated costs associated with his illegal operation of an unlicensed financial services business from March 2020 to November 2021.

Scholz shared posts on specific companies via Instagram, suggesting he owned shares or viewed them as good investments, likely swaying his audience to buy these stocks.

'ASX Wolf' Tyson Scholz bankrupt in ASIC crackdown

Scholz also conducted seminars on ASX trading strategies, charging attendees $500 and delivered via Zoom or face-to-face at his residence in Queensland.

Participants were then encouraged to join the "Black Wolf Pit Channel" on Discord for a $1000 annual fee, an online community where he frequently shared his opinions on buying or selling specific shares, including timing and pricing, both publicly within the group and through direct messages with members seeking his advice on specific stock actions.

Following this, the Federal Court permanently barred Scholz from operating fee-based online trading groups, sharing trading advice without an Australian Financial Services Licence, and carrying on any financial services business in Australia as per the Corporations Act.

He was ordered to pay $456,296.64 in legal costs, but after failing to do so, ASIC issued a bankruptcy notice and subsequently filed a creditors petition.

Unperturbed, Scholz, who boasts 116,000 followers on Instagram, has recently flaunted his lavish lifestyle on social media, posting videos from a high-end restaurant in Dubai and showcasing drives in a Rolls Royce.

Additionally, he shared a message with his followers: "If there's nothing going wrong in your life, there's nothing going right in your life," seemingly unfazed by his legal troubles.

Scholz continues to promote an "Australian stock market beginners' course" on his Instagram page.

This article first appeared on Financial Standard

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Andrew McKean is a journalist at Financial Standard. He covers superannuation, wealth management and financial advice. Prior to this he has worked freelance for not-for-profit organisations and corporate educators. Andrew has a Bachelor's degree in journalism and non-fiction writing from Macquarie University. Connect with him on LinkedIn or Twitter.
Cameron Lowe
March 6, 2024 4.41pm

Did his followers get good returns though? That's all most people care about.