High-flying finance influencer 'ASX Wolf' declared bankrupt

The influencer, known online as ASX Wolf, boasted a luxurious lifestyle on his social media channels and posted photos from private jets and lavish destinations.

His company, Infinity Trading Academy, offered a range of financial services including a two hour stock market introductory training for $595, an Infinity membership for $995 and AI consultation for $2995.

"Financial services laws exist to protect investors if something goes wrong," ASIC deputy chair Sarah Court said in December 2022 after the Federal Court ruled against Mr Scholz.

"ASIC has warned those who discuss financial products and services on social media that they could be the subject of enforcement action if they are carrying on a business of providing financial services without a licence," she said.

"The individuals who paid Mr Scholz for his tips, to attend seminars or access private online forums, as well as those individuals who purchased shares based on his recommendations or statements of opinion, did not have the benefit of these protections."

The Australian Securities and Investments Commission (ASIC) successfully sought a sequestration order making Mr Scholz bankrupt on February 22.

Mr Scholz was ordered to pay $456,296.64 in ASIC's legal costs after the social media influencer was found to be operating the financial services business between March 2020 and November 2021 without an Australian financial services licence.

ASIC has applied to the Australian Financial Security Authority to have trustees take over Mr Scholz's assets after he failed to make payments.

Under the restrictions of his bankruptcy, Mr Scholz could not manage a corporation without permission from the court, act as an administrator or liquidator of a company or be involved with a clearing and settlement facility licensee, market licensee or derivative trade repository licensee.