A fugitive social media finfluencer known by the persona "ASX Wolf" has been barred from managing a corporation after the financial regulator successfully obtained bankruptcy orders against him.
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Tyson Scholz was permanently forbidden from hosting paid online groups in which messages were exchanged about share trades without an Australian Financial Services Licence after posting stock tips to paid subscribers from early 2020 to November 2021.
He spruiked stocks via disappearing stories posted to his Instagram account and sold memberships to private social media channels where stock tips were discussed for $500, $1000 or $1500 a year, the Federal Court found.
In April 2023, Justice Kylie Downes issued a permanent injunction against Scholz, prohibiting him from carrying on a financial services business in Australia.
The court also ordered Scholz to pay ASIC a lump sum of $456,296.64 to cover the cost of legal proceedings.
After the former finfluencer failed to pay the costs, ASIC served him with a bankruptcy notice before filing a creditor's petition in the Federal Court on October 18.
Following a hearing on February 22, the court declared Scholz bankrupt, prohibiting him from managing a corporation, acting as an administrator or liquidator of a company and being involved as a financial transaction licensee.
ASIC can also make a banning order prohibiting a bankrupt person from providing financial services.
In March 2023, Scholz was due to appear at Southport Magistrates Court to face charges of fraud, false declarations, speeding, driving while unlicensed and using a mobile phone while driving.
However, Scholz failed to attend and a warrant for his arrest is still outstanding, the Queensland Department of Justice confirmed.
Photos recently shared to his Instagram account show him overseas, alongside luxury cars, private jets and champagne bottles, in countries such as South Africa, Switzerland and Dubai.
The Instagram account links to the website of Infinity Trading Company, which lists Scholz as CEO.
The company's website offers introductory courses for aspiring traders, replete with guides and a take-home kit.
The courses, which start at $595, are "your doorway to understanding and engaging with financial markets", it claims.
Scholz has been contacted for comment.
Australian Associated Press
