ASIC has notched a win in a case looking at the Gold Coast trader’s use of social media and chat groups to “pump” stocks.
Mr Scholz, 37, had vigorously defended the action from the Australian Securities and Investment Commission that he was running a business that required a licence.
Justice Kylie Downes ruled that the ventures had interacted with each other and “had many features of a commercial enterprise, and constituted a business”. Justice Downes found that his posts on Instagram amounted to recommendations or statements of opinion under the Corporations Act. Mr Scholz had also expressed opinions about particular companies during the training seminars, which Justice Downes found could be regarded as intended to influence decisions about investing in shares.
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