Matthew Hill

Background:

The Financial Markets Authority accused Matthew Geoffrey Hill, the former Chief Executive Officer of NZX-listed New Talisman Gold Mines Limited, of alleged information-based market manipulation, and making false and misleading representations. The case relates to anonymous posts Mr Hill allegedly made about the company on the Sharetrader website’s online investor forum.

The FMA alleged that between February 2013 and July 2020, Mr Hill made dozens of posts on Sharetrader in a thread about New Talisman under two usernames, “bullish” and “Epithermal”. Mr Hill, who is also a director and shareholder of New Talisman, did not, at any point, disclose his involvement in the company, the FMA asserts in the claim. Mr Hill’s conduct was revealed in July 2020 when Sharetrader publicly identified him as the person behind the usernames.

In January 2024, Mr Hill admitted making false or misleading representations, in breach of the Financial Markets Conduct Act 2013.

The company, New Talisman Gold, was not party to the proceedings.

Timeline:

May 2024

The High Court has imposed a pecuniary penalty of $100,000 against Matthew Geoffrey Hill, the former Chief Executive Officer of NZX-listed New Talisman Gold Mines Limited. Related media release: Matthew Hill to pay $100,000 penalty for breaching financial markets legislation  

January 2024

Matthew Hill admits breaching Financial Markets legislation Matthew Hill admits breaching Financial Markets legislation | Financial Markets Authority (fma.govt.nz)

August 2021

FMA accuses CEO of market manipulation for anonymous posts on investor forum FMA accuses CEO of market manipulation for anonymous posts on investor forum | Financial Markets Authority