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Key decisions

  • Australian Securities and Investments Commission v Scholz (No 2) [2022] FCA 1542


Contravention of s 911A(1) Corporations Act 2001 (Cth) for carrying on financial services business without Australian financial services licence.


Admissibility of things seized pursuant to search warrants.

Australian Securities and Investments Commission v Scholz (No 2) [2022] FCA 1542 (Downes J)

Between early 2020 and November 2021, Tyson Scholz conducted a business in Queensland that related to trading in shares. His business evolved during the period and at various times Mr Scholz:

  • posted positive Instagram stories (being posts viewable for only 24 hours) about particular companies, which often indicated that he had acquired shares in that company or that he thought shares in that company would be a good investment (at [3]). He used an Instagram ‘handle’ of ‘ASX Wolf’;
  • was engaged in selling private ‘tips’ about shares to clients for $500 (at [5]);
  • promoted and ran seminars designed to teach attendees about how to trade on the ASX for $500 per person (at [6]); and
  • promoted and ran an online (invitation only) ‘mentoring’ group on Discord. In that group, Mr Scholz expressed views about whether particular shares should be acquired or sold, when, and at what price. The members were also given advanced notice by Mr Scholz of a share recommendation which he was planning to post in a story on his Instagram account. Membership cost $1000 per person per year (at [8]-[11]).

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