Franco Belgiorno-Nettis

Background

The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko has taken action against Franco Belgiorno-Nettis, an experienced retail investor based in Auckland, for alleged market manipulation of NZX-listed shares of Steel and Tube Holdings Limited (STU).

Below is a timeline.

Timeline

November 2025

The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko filed High Court civil proceedings against Franco Belgiorno-Nettis, with a claim containing 66 causes of action, each alleging contraventions of the trade-based market manipulation prohibitions in the Financial Markets Conduct Act 2013 (FMC Act). The FMA is seeking a declaration of contravention, civil pecuniary penalties and costs.

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