FMA files civil proceedings for alleged market manipulation of Steel and Tube shares

Thursday 6 November 2025 · 2 outlets · 2 reports · updated Thu 6 Nov 2025, 11:30am

In this story High Court, ANZ, NZX, Financial Markets Authority

The Financial Markets Authority has launched High Court proceedings against Auckland-based retail investor Franco Belgiorno-Nettis. It is alleged that he manipulated Steel and Tube Holding shares through two ASB Securities accounts between November 2020 and July 2023. The regulator claims the share orders lacked a genuine commercial purpose.

How they headlined it

10:43am11:30am

1. StuffThu 6 Nov 2025, 10:43am

   FMA alleges market manipulation of NZX-listed STU shares, by experienced retail investor (opens in new tab)

2. NZ HeraldThu 6 Nov 2025, 11:30am

   Financial Markets Authority files market manipulation case against Franco Belgiorno-Nettis (opens in new tab)