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No bullying into buying: trader on ASX Wolf chat room

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ASIC and flashy share trader Tyson Scholz are entangled in a Federal Court lawsuit about claims of providing financial advice.

has said he did not receive individual trading advice, amid a regulatory lawsuit about whether investors were given recommendations.

The witness’s comments came amid a Brisbane Federal Court lawsuit from the Australian Securities and Investments Commission that accuses Mr Scholz of running a financial services business without a required licence. But Mr Scholz has disputed ASIC’s case, with his defence team maintaining he had not provided any specific advice or transgressed into Corporations Act laws requiring licensing for financial advisers.ASIC is seeking injunctions against Mr Scholz, which include preventing him operating such a business in the future.

One witness appearing via video link on Thursday was Tasmania-based Andrew Geard, who had attended Mr Scholz’s seminar.

 

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