This is supposedly a recently "unearthed" action figure of "Paul Naschy as the Wolfman" from the 1970s, made by the Spanish branch of the MAGE toy company. This is the first Naschy monster toy of this type (or any type really) that I have ever seen and it looks fantastic. I have a lot of love for monster action figures and I would love to add this or a fine reproduction to my shelf. Man! Just look at it!
You can read the whole tale here- LINK.
(Adding: Dammit- its not a hoax but a beautifully done custom made figure! Whew! I still want one.)