Former Talisman Gold Mines boss fined $100k over online posts

The High Court has fined the former chief executive of Talisman Gold Mines $100,000 for breaching financial markets legislation.

Matthew Geoffrey Hill was fined after admitting to making false and misleading representations in breach of the Financial Markets Conduct Act.

The charge related to 90 anonymous posts he made on the Sharetrader website’s online investor forum between 2013 and 2020 about New Talisman, without disclosing he was also a director and shareholder of that company.

Justice Gault said Hill’s conduct was covert and occurred over an extended period and fell short of what was expected of a senior and experienced leader.

The Financial Markets Authority said the case was a reminder that people should approach online interactions with care when discussing financial services and products.

“Mr Hill was a senior officer at a publicly listed company in a position of trust. Investors and the public are entitled to expect individuals who hold senior roles at such companies to act professionally, and to provide information to the market in a manner that does not conceal relevant context,” FMA head of enforcement Margot Gatland said.