High cost of wannabe wolf trader’s Insta lifestyle
A wannabe "wolf" trader ordered to pay his mother over $700,000 in an investment dispute complained that it cost a lot of money to maintain his social media image, in an extraordinary exchange presented to the Supreme Court.
Self-professed stock market guru Tyson Scholz, who made headlines last month when his luxury Lamborghini was impounded by police over a series of traffic offences, has been trying to negotiate a settlement with lawyers acting for his mother over a disputed investment deal involving a Surfers Paradise Subway franchise.
Last month, The Sunday Mail revealed that many of Scholz's glamorous posts on social media in the past 12 months showcasing a life of fast cars, super yachts and luxury apartments were made while he was unemployed and receiving Centrelink payments.
He had also been ordered by a Queensland Supreme Court judge in March to pay his mother over $700,000 after a finding that he used her divorce settlement to buy a Subway franchise which was never transferred into her ownership.
Judith Gibbs launched civil action in the Supreme Court in April last year to recover $530,000 plus interest over the 2013 investment, which she has never received a cent from.
Now, extraordinary details have emerged of Scholz's negotiations with lawyers acting for Ms Gibbs, where he claimed he had 'expensive tastes' and had to 'keep maintaining his lifestyle' while threatening to leave his mother with nothing if details of the dispute surfaced in the media.
He also admitted that the now infamous Lamborghini was a rental, despite publishing social media posts claiming to have paid more than $300,000 for the car.
The telephone conversation with representatives from Shine Lawyers has been entered as evidence in the ongoing dispute as lawyers seek to freeze Scholz's assets after the issue of an enforcement warrant to recoup the outstanding money.
Neither Scholz, nor Gold Coast Investments Pty Ltd, a company listed as the second defendant in the civil case with his ex-wife as director, entered any defence to the proceedings but Scholz has now enlisted solicitors and has been trying to resolve the matter.
According to a transcript of the conversation, which took place days before Scholz enlisted a law firm, he offered to pay his mother $150,000 to settle the dispute, using earnings from the stock market.
However, when Shine lawyers suggested he stood to make much more than that from the sale of shares, he said he needed to maintain his expensive lifestyle so he could continue running stock market seminars.
"I have expensive taste," he said.
"I will go to dinner most nights…. clothes…. it's pretty significant, 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. 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."
He said his expenses were about $2500 a week.
According to the transcript, he also threatened to withdraw all his assets if the story surfaced in the media.
"I promise you I will be withdrawing the $150k in cash and living off it with zero in the bank," he said.
"If you want to run the court thing, whatever, I will sit on the stand and happily say I have no money and Mum will get nothing.
"I have 15.2 thousand followers plus my partner's got 30,000 people reach. I could turn the public on her (his mother). If you push a dog into a corner it becomes a mongrel."
He told Shine lawyers the Lamborghini was rented from a dealership and he owned only the number plate ASXBULL.
"I bought the number plate for the car. I don't own it. It's just hired. It's finished now anyway, it's done."
He said he had no other assets and had lost $700,000 last year before landing on Centrelink.
"I have nothing. I am renting an apartment. I have no property."
Scholz was a prolific Twitter user under the name ASXwolf, posting glamorous photos and stock market tips, but he changed his account name and later deleted it after The Sunday Mail's story last month.
Neither Ms Gibbs or Shine would comment on the case.
Scholz told Shine lawyers that the investment was 'a really, really bad business transaction' which also cost him a significant sum of money.
The store is still trading under the ownership of Gold Coast Investments.
Scholz' legal team also declined to comment before deadline.
Originally published as High cost of wannabe wolf trader's Insta lifestyle