tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Obituary - Highly respected adviser moves on READ ON Dismiss
Last Article Uploaded: Wednesday, September 29th, 8:56AM

Investments

rss
Investment News

FMA accuses gold mine boss of market manipulation

The Financial Markets Authority alleges gold mine CEO attempted to manipulate market through Sharetrader.

Thursday, August 12th 2021, 6:40PM

The Financial Markets Authority has filed civil High Court proceedings against Matthew Geoffrey Hill, the chief executive 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 Hill allegedly made about the company on the Sharetrader website’s online investor forum.

The FMA claims that between February 2013 and July 2020, Hill made dozens of posts on Sharetrader in a thread about New Talisman under two usernames, “bullish” and “Epithermal”.

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. 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. Nor is Sharetrader's owner Tarawera Publishing Ltd.

FMA Head of Enforcement Karen Chang said: “Market manipulation undermines confidence in financial markets, especially if it is by a senior executive at a listed company. We considered Mr Hill’s conduct warranted a strong response to demonstrate that such actions will not be tolerated, and to maintain confidence in New Zealand’s markets.”

“This case is an important reminder that information-based market manipulation can occur on social media and forums, where investors are increasingly gathering to discuss stocks. Investors should be careful when using forums to inform their investing decisions as they can be exploited by vested interests.

“We acknowledge Sharetrader’s efforts to moderate its forum and for bringing this issue to light.”

The FMA is seeking from Hill a declaration of contraventions, a pecuniary penalty and costs.

New Talisman chair, Charbel Nader said in a statement to the NZX that he was not aware of any further details about the FMA’s claim, other than what was contained in the announcement.

“This civil claim is now before the courts who will ultimately decide its merits. In the meantime, it would be premature for us to prejudge the outcome,” he said.

Nader alleged Sharetrader moderation was contrary to the website’s terms and conditions. 

“We remain hopeful that FMA will take appropriate action in respect of our complaints,” he said.

Nadar called for online publishers to be regulated and for proactive regulatory guidance to be issued on the use of social media by market participants.

Tarawera Publishing managing director Philip Macalister said Sharetrader enforced robust moderation policies and had acted responsibly in dealing with this matter.

Tags: Sharetrader

« Inflation; transitory traveller or a more permanent fixture?Economic strength brings RBNZ into play »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend

Good Returns Investment Centre is brought to you by:

Subscribe Now

Keep up to date with the latest investment news
Subscribe to our newsletter today

Edison Investment Research
  • Electra Private Equity
    27 September 2021
    Introducing Hostmore and Unbound brands
    On 16 September, Electra Private Equity (ELTA) issued a trading update for its largest remaining hospitality brands, Fridays and 63rd+1st, and named the...
  • European Assets Trust
    21 September 2021
    Performance, income and a well-balanced portfolio
    European Assets Trust (EAT) aims to achieve long-term growth of capital through investments in smaller European companies (excluding the UK). EAT’s...
  • Georgia Capital
    13 September 2021
    Value creation on the back of macro recovery
    Georgia Capital (GCAP) posted a 13.2% NAV total return (TR) in local currency terms in H121 (15.2% in sterling), driven by an improved operating performance...
© 2021 Edison Investment Research.

View more research papers »

Today's Best Bank Rates
Rabobank 0.75  
Based on a $50,000 deposit
More Rates »
Cash PIE Rates

Cash Funds

Institution Rate 33% 39%
ANZ 0.10    0.10    0.11
ASB Bank 0.05    0.41    0.42
ASB Bank 0.05    0.59    0.56
ASB Bank 0.05    0.61    0.64
ASB Bank 0.08    0.66    0.69
ASB Bank 0.08    0.72    0.75
BNZ 0.10    0.10    0.10
Heartland Bank 0.40    0.40    0.40
Kiwibank 0.05    -    -
Kiwibank 0.25    -    -
Nelson Building Society -    -    -
SBS Bank -    -    -
TSB Bank 0.25    0.25    0.26
Westpac 0.35    0.36    0.38
Westpac 0.05    0.05    0.05
Westpac 0.35    0.36    0.38

Term Funds

Institution Rate 33% 39%
ANZ Term Fund - 90 days 0.50    0.51    0.53
ANZ Term fund - 12 months 1.40    1.44    1.50
ANZ Term Fund - 120 days 0.60    0.61    0.64
ANZ Term fund - 6 months 1.10    1.13    1.18
ANZ Term Fund - 150 days 0.70    0.72    0.75
ANZ Term Fund - 9 months 1.20    1.23    1.28
ANZ Term Fund - 18 months 1.40    1.44    1.50
ANZ Term Fund - 2 years 1.60    1.64    1.71
ANZ Term Fund - 5 years 2.10    2.17    2.26
ASB Bank Term Fund - 90 days 0.45    0.45    0.47
ASB Bank Term Fund - 6 months 1.00    1.02    1.07
ASB Bank Term Fund - 12 months 1.30    1.33    1.39
ASB Bank Term Fund - 18 months 1.45    1.49    1.55
ASB Bank Term Fund - 2 years 1.60    1.65    1.73
ASB Bank Term Fund - 5 years 2.15    2.23    2.33
ASB Bank Term Fund - 9 months 1.20    1.23    1.28
BNZ Term PIE - 120 days 0.55    0.56    0.57
BNZ Term PIE - 150 days 0.70    0.71    0.75
BNZ Term PIE - 5 years 2.15    2.23    2.33
BNZ Term PIE - 2 years 1.60    1.65    1.73
BNZ Term PIE - 18 months 1.45    1.49    1.55
BNZ Term PIE - 12 months 1.40    1.44    1.50
BNZ Term PIE - 9 months 1.30    1.33    1.39
BNZ Term PIE - 6 months 1.10    1.13    1.18
BNZ Term PIE - 90 days 0.45    0.45    0.47
Co-operative Bank PIE Term Fund - 6 months -    -    -
Heartland Bank Term Deposit PIE - 12 months 1.30    1.33    1.39
Heartland Bank Term Deposit PIE - 6 months 1.00    1.02    1.07
Heartland Bank Term Deposit PIE - 9 months 1.50    1.54    1.61
Heartland Bank Term Deposit PIE - 18 months 1.15    1.18    1.23
Heartland Bank Term Deposit PIE - 2 years 1.20    1.24    1.28
Heartland Bank Term Deposit PIE - 5 years 1.75    1.81    1.89
Kiwibank Term Deposit Fund - 90 days 0.35    0.36    0.37
Kiwibank Term Deposit Fund - 6 months 1.05    1.08    1.12
Kiwibank Term Deposit Fund - 12 months 1.20    1.23    1.28
Kiwibank Term Deposit Fund - 150 days 0.60    0.61    0.64
Kiwibank Term Deposit Fund - 120 days 0.45    0.46    0.49
Kiwibank Term Deposit Fund - 9 months 0.95    0.97    1.00
Westpac Term PIE Fund - 150 days 0.60    0.61    0.64
Westpac Term PIE Fund - 120 days 0.45    0.46    0.47
Westpac Term PIE Fund - 18 months 1.35    1.38    1.45
Westpac Term PIE Fund - 12 months 1.30    1.32    1.38
Westpac Term PIE Fund - 6 months 0.80    0.81    0.84
Westpac Term PIE Fund - 9 months 1.00    1.02    1.07
Westpac Term PIE Fund - 90 days 0.35    0.36    0.37
Westpac Term PIE Fund - 2 years 1.60    1.64    1.71
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com