ASIC takes action against unlicensed Queenslander carrying on a financial services business

According to a statement issued on Monday (13 December), the corporate regulator 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 Mr Scholz has been delivering training courses and seminars about trading on the ASX without a licence, while also using social media channels such as Twitter and Instagram to promote his services. 

The corporate regulator found that for a subscriptions fee of $500, $1,000 or $1,500, Mr Scholz would offer subscribers various levels of training courses, referred to as “Stage 1”, “Stage 2” and “Stage 3”, including individual one-off share suggestions or “tips” and offers of access to a private chat site, named “Black Wolf Pit”, using online communications platform Discord.

ASIC has now turned to the courts to ban Mr Scholz from both promoting and carrying on any financial services business in Australia, as well as 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,” ASIC said in a statement.

“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 and EWOLF Enterprises.