New Zealand’s Financial Markets Authority (FMA) confirmed today Matthew Geoffrey Hill, the former Chief Executive Officer of NZX-listed New Talisman Gold Mines Limited, has admitted making false and misleading representations in breach of the Financial Markets Conduct Act 2013 (FMCA).

The case relates to anonymous posts the FMA alleged Mr Hill had made about the company, on the Sharetrader website’s online investor forum. The FMA filed civil proceedings against Mr Hill in August 2021.

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 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.

New Talisman Gold was not party to the proceedings.