ASIC
The Federal Court has found social media ‘finfluencer’ Tyson Robert Scholz contravened s911A of the Corporations Act by carrying on a financial service business (between March 2020 and November 2021) without an Australian financial services licence.
ASIC had alleged Mr Scholz was carrying on a financial services business by providing financial product advice, regarding share trading on the ASX, without a licence by:
- delivering training courses and seminars about trading in ASX-listed securities during which he made recommendations about share purchases
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