ASIC bankrupts social media finfluencer Tyson ‘ASX Wolf’ Scholz

- February 29, 2024 2 MIN READ
Tyson Scholz
Tyson Scholz on Instagram in August 2023
ASIC has pushed “finfluencer” Tyson Robert Scholz to bankruptcy over $450,000 in legal costs awarded to the corporate regulator following court action that banned him from offering financial advice.

Scholz, 38, dubbed ASX Wolf on social media, has more than 110,00 followers on Instagram, where he likes to stand in front of the the trappings of wealth, including private jets, fast cars, and luxury items.

The Australian Securities and Investments Commission (ASIC) alleged he’d made more than $1 million charging between $500 and $1500 to subscribers for share trading courses.

In December 2022, Justice Kylie Downes found that Scholz had illegally run a financial service business between March 2020 and November 2021, in breach of the Corporations Act.

Last year the Federal Court in Brisbane handed down a permanent injunctions against Sholz, which prohibits him from hosting online groups where a membership fee is charged, and in which messages are exchanged by members about share trades – either in a group chat or direct messages from Scholz – without an Australian Financial Services Licence.

Contravening the ban could lead to his imprisonment, bankruptcy and/or the seizure of property.

In April last year Scholz wrote on Instagram that “I have learnt a lot through my ordeal with ASIC and fully respect their decision and rules. I have recently obtained additional qualifications and gone beyond the scope that’s been set out to be able to do what I love and that is to build the worlds best trading education trading program which currently 1000s of people have successfully gone out to trade the world stage.”

Scholz was also ordered to pay ASIC’s court costs of $456,296.64 in June last year. He didn’t.

ASIC then served a Bankruptcy Notice on Scholz last July, followed by a Creditor’s Petition in the Federal Court last October.

The Petition was heard on February 22 and the Court made sequestration orders against Scholz, making him bankrupt in Australia.

ASIC has now applied to the Australian Financial Security Authority to have trustees appointed over the assets of Scholz.

Scholz’s Instagram account now refers to Infinity Trading Academy, a business with an address on Queensland’s Gold Coast.

The site offer a “comprehensive Australian Stock Market Beginner’s Course. This full introduction to trading, complete with guides and a take-home kit, is your doorway to understanding and engaging with financial markets.” The course costs $595.

Infinity has also moved into “IA consulting” with a $2995 course to “Take you busienss (sic) to the next faze (sic) and enter the artificial intelligence space”.

Scholz is the company’s CEO.