A self-proclaimed ‘wolf’ trader said he couldn’t re-pay his mother $750,000 despite a life of luxury – as he had to maintain his social media image.
Tyson Robert Scholz, 35, was ordered to pay his mother back the money after the court found he used her life savings to invest in a Subway franchise which was never transferred into her ownership.
His mother, Judith Gibbs, launched civil action in the Supreme Court last year to recover her $530,000 plus interest from the 2013 investment.
Tyson Robert Scholz, 35, (pictured left) appeared to have a lavish lifestyle, with a glamorous girlfriend, expensive overseas holidays, and a $320,000 Lamborghini, all of which made regular appearances on his Instagram page
Mr Scholz, from Paradise Point, appeared on social media to have a lavish lifestyle, with a glamorous girlfriend, expensive overseas holidays, and a $320,000 Lamborghini, all of which made regular appearances on his Instagram page.
But after the court ordered him to pay his own mother the sizable sum from an investment deal, Scholz said he was on unemployment benefits with a declared income of 44 cents a fortnight.
Mr Scholz has since deleted his social media account ‘ASXwolf’.
The Queensland Supreme Court has heard extraordinary new details of the negotiations between the stock market ‘guru’ and Shine Lawyers acting for his mother, in a transcript of a telephone conversation entered as evidence.
Scholz (pictured right) from Paradise Point on the Gold Coast used his mother’s money to invest in a Subway franchise
The transcript shows Mr Scholz said he needed ‘$2500 a week’ and had to ‘keep maintaining his lifestyle for the image’, the Gold Coast Bulletin reported.
During the conversation, he offered to pay his mother $150,000 to settle the dispute using money he made in the stock market.
The lawyers suggested he would raise more than that from selling the shares to which Mr Scholz said he had to maintain his expensive image so he could keep running stock market seminars.
‘I have expensive taste,’ he said in the transcript.
Mr Scholz said he liked to dine out and bought clothes because ‘that’s what social media is about’.
‘Even if it was $220,000 (the value of shares) I’m still allowed to use my own money to buy and do things,’ he reportedly said in the transcript according to the Gold Coast Bulletin.
‘If I go and buy a watch tomorrow, a $50,000 watch…. I have to keep maintaining the lifestyle for the image for the selling of the stuff.’
Mr Scholz said he was broke before posting a petrol receipt for $5,000 after riding in this speed boat
Mr Scholz (pictured with girlfriend) used to run social media with the handle ‘ASXWolf’
He told Shine Lawyers the yellow Lamborghini was a rental, despite publishing social media posts claiming to have paid more than $300,000 for the car.
In the transcript, he said he only owned the numberplate: ‘ASXBULL’.
The conversation took place in the days before Mr Scholz hired a law firm himself, the Gold Coast Bulletin reported.
He since engaged a law firm and his barrister Marcin Lazinski told the Gold Coast Bulletin on Saturday night that the dispute has now been resolved amicably.
Shine Lawyers, acting for Ms Gibbs, had been seeking to freeze Mr Scholz’s assets after an enforcement warrant was issued to recoup the money he owes his mother, when they tendered the transcript as evidence.
Previously in court, documents revealed that Mr Scholz had claimed in October 2019 he could not afford a plane ticket back to the Gold Coast from Sydney and was seeking Centrelink payments to buy food.
However, just days later he posted to his ‘ASXWolf’ social media account a picture of a $5,000 fuel bill for a speedboat on the Gold Coast and other images claiming he was enjoying the ‘Gold Coast sunset’.
After a court ordered him to pay his own mother $750,000, Scholz said he was on unemployment benefits with a declared income of 44 cents a fortnight
Mr Scholz portrayed a lavish lifestyle on social media but told lawyers he was on welfare
A woman poses on a Lamborghini in a picture Mr Scholz posted to his Instagram page
An image appearing on social media after Mr Scholz had been fined for speeding
In the following weeks he posted about enjoying a day out on a jetski near Gold Coast theme park Sea World along with posts to his thousands of followers spruiking stock tips and investments.
Earlier in October, the Brisbane Supreme Court issued an enforcement warrant to chase the $750,000 with some of Mr Scholz’s social media posts being tendered as evidence.
When Mr Scholz, who already owned three Subway shops, bought the new store, he did not transfer the ownership into his mother’s name but kept it under the title of Gold Coast Investments Pty Ltd.
Six years later his mother had not received a cent from the business, so she launched legal action through Shine Lawyers in 2019.
Both Mr Scholz and Gold Coast Investments were named as defendants in the action and neither sought to defend the case.
In March, the Brisbane Supreme Court awarded Ms Gibbs the amount of her investment plus interest, discounting an $80,000 Mercedes C63 bought with proceeds.
This was followed by the enforcement order in October with the warning ‘failure to comply with this warrant may be contempt of court’ and could result in the seizure of assets.
Earlier in October, a yellow Lamborghini, connected to Mr Scholz was seized by police after being involved in multiple speeding offences.