In Australian Securities and Investments Commission v Scholz (No 3) [2023] FCA 337 the Federal Court of Australia ordered that, following an earlier decision that Tyson Scholz had carried on a financial services business between at least early 2020 and November 2021 without an Australian Financial Services Licence, that he be restrained from:
(a) hosting online groups for which a membership fee is charged, and in which messages are exchanged by members about share trades (either in a group chat or through direct messages from the defendant), without an Australian Financial Services Licence;
(b) carrying on a financial services business in Australia in contravention of section 911A of the Act.
Scholz was also ordered to pay ASIC’s costs.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
