A financial influencer whose social media is filled with supercars and overseas holidays will have his Australian assets seized and held in trust following a request from the corporate regulator.
Tyson Scholz was The Federal Court was handed sequestration orders on Thursday following a lengthy legal battle with the Australian Securities and Investments Commission (ASIC), which accused him of providing financial advice without a licence.
The Gold Coast native, who went by ‘ASX Wolf’ on social media but recently changed his name to ‘Infinity Trading’, had an outstanding amount of more than $450,000 in legal costs which he had previously been ordered to pay to ASIC.
The watchdog had been pursuing Scholz since December 2021, alleging that his promotion of stock trading and investments on social media amounted to an unlicensed financial services business, which Scholz denied.
In fact, the sequestration orders will force Scholz to declare bankruptcy, preventing him from managing any corporations until he is released.
Tyson Scholz will have his Australian assets seized and held in trust after the corporate regulator came after him for providing unlicensed financial services, which he denied.
In 2023, the ‘ASX Wolf’, as he is also known, sold his luxury Gold Coast mansion for $4.61 million.
Scholz has posted photos of his Lamborghini Aventador with the license plate ‘ASX Bull’ and a Ferrari GTB with the license plate ‘ASX Wolf’. It is unclear whether he owned or rented the cars (pictured)
Following ASIC proceedings, the court found in December 2022 that through his online business he had provided an unlicensed financial service between March 2020 and November 2021.
Judge Kylie Downs granted him a permanent cease and desist in April 2023 for “carrying on a financial services business in Australia in contravention of section s911A of the Corporations Act.”
Specifically, Scholz was prohibited from hosting online groups for which a membership fee is charged and in which members exchange messages about stock transactions (either in a group chat or through direct messages from Mr. Scholz), without an Australian financial services license. ‘.
Scholz was banned from carrying on a financial services business and ordered to pay ASIC’s legal costs (pictured with his wife)
In June he was ordered to pay a hefty $456,296.76 in ASIC legal costs.
But in July 2023, without making payments, it received a bankruptcy notice and, three months later, ASIC filed a creditor’s petition in the Federal Court, leading to Thursday’s ruling.
Scholz’s legal troubles don’t seem to slow down his jet-setting lifestyle, with the ‘Wolf’ posting a series of stories on his Instagram over the past few days where he appears to be living it up in ultra-luxury hotels and fancy restaurants. restaurants in Dubai.
His legal troubles don’t seem to be holding Scholz back and he has recently posted images of fancy restaurants in Dubai.
In another clip, Scholz takes his followers on a tour of an ultra-luxury hotel suite in Dubai.
Before Dubai, he was in the French Alps dog sledding and relaxing in famous restaurants.
Before that, January saw him dog sledding in the French Alps and relaxing at the famous mountaintop Bagatelle Courchevel restaurant, where he declared that “France is for living.”
Late last year he holidayed in Greece before returning to the United Arab Emirates posing inside a $600,000 Rolls Royce, which is understood to be not his property, and riding a motorcycle in the desert near Dubai.
Scholz calls himself a “global stock trader with 10 years of experience” on his Instagram, which still links to his trading “academy” that offers a course described as a “comprehensive introduction to trading” and a “gateway to understanding of financial markets”.
He frequently shares posts next to or driving luxury supercars and brags about adding them to his “collection.”
Just three weeks ago he posted that he was “working on a big mining business” and tagged South Africa and Cape Town.