Former New Talisman CEO Matt Hill has been ordered to pay $100,000 for market manipulation following nearly a decade of anonymous posts on Sharetrader, making bullish comments about his company and denigrating others who questioned the Coromandel goldminer’s prospects.
The High Court confirmed a cash penalty negotiated between Matthew Geoffrey Hill and the Financial Markets Authority for making false and misleading representations about New Talisman Gold Mines Ltd securities, in breach of the Financial Markets Conduct Act.
The court was told Hill posted once a month on average, disguising his involvement with New Talisman through use of two pseudonyms: Bullish and Epithermal. Readers with industry knowledge would recognise ‘epithermal’ as a reference to a particular type of gold deposit, adding a sheen of expertise to Hill’s posted comments. Including technical information and commentary in his posts further added an air of authority.
The flavour of his posts was to talk up New Talisman’s prospects, and praise company management. Naysayers were flamed with derogatory responses.
His posts had the potential to move market prices. New Talisman is listed in both New Zealand and Australia.
At the time, Hill was a director, CEO and a shareholder of New Talisman.
Sharetrader disabled Hill’s access when learning his identity. Shortly after, he was dismissed as CEO of New Talisman.
Hill admitted his actions when under investigation by the Financial Markets Authority. Justice Gault ruled the negotiated $100,000 settlement was a suitable penalty. Financial Markets has first claim on this money for its costs.
Financial Markets Authority v. Hill – High Court (27.05.24)
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