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, for making false and misleading representations in breach of the Financial Markets Conduct Act 2013 (FMC Act).

In January, Mr Hill admitted he breached section 22(d) of the FMC Act in respect of 90 anonymous posts he made about the company on the Sharetrader website’s online investor forum between 2013 and 2020. Mr Hill, who was also a director and shareholder of New Talisman, did not, at any point, disclose his involvement in the company. New Talisman Gold was not party to the proceedings.

A penalty hearing for Mr Hill was held in February. In his decision, Justice Gault declared that Mr Hill contravened section 22(d) of the FMC Act and imposed a final penalty of $100,000.

Justice Gault said Mr Hill’s conduct was covert and occurred over an extended period. Justice Gault added Mr Hill’s posts demonstrated he was familiar with securities law and, in circumstances where New Talisman was subject to stringent disclosure rules, Mr Hill ought to have been intimately familiar with those rules, the reasons for them, and the seriousness of any breach. He said Mr Hill accepted his conduct fell short of that expected of such a senior and experienced leader.

January 2024

Mr Hill has admitted breaching section 22(d) of the FMCA. The parties have asked the Court to convene an agreed penalty hearing at the High Court in Auckland in 2024.

The FMA will no longer pursue aspects of the original proceeding relating to market manipulation.

August 2021

The FMA has filed civil High Court proceedings against Matthew Geoffrey Hill, the Chief Executive Officer of NZX-listed New Talisman Gold Mines Limited (NTL), for 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 claims 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.

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