The New Zealand Financial Markets Authority has filed High Court civil proceedings against Auckland-based retail investor Franco Belgiorno-Nettis for alleged trade-based market manipulation involving NZX-listed Steel and Tube Holdings Limited (STU) shares. The case focuses on orders placed between November 2020 and July 2023 through two ASB Securities broking accounts, which the FMA alleges repeatedly influenced STU’s closing price and were likely to create a false or misleading appearance of trading. The claim pleads 66 causes of action under the market manipulation prohibitions in the Financial Markets Conduct Act 2013 and seeks declarations of contravention, civil pecuniary penalties and costs. The proceeding follows an FMA investigation after ASB reported concerns to NZ RegCo, which referred the matter to the FMA, and STU is not a party to the proceeding.
New Zealand Financial Markets Authority 2025-11-06
New Zealand Financial Markets Authority files High Court civil case alleging market manipulation in Steel and Tube shares
The New Zealand Financial Markets Authority has initiated High Court civil proceedings against Franco Belgiorno-Nettis for alleged trade-based market manipulation of Steel and Tube Holdings Limited shares, involving 66 causes of action under the Financial Markets Conduct Act 2013. The proceedings seek declarations of contravention, civil pecuniary penalties, and costs, following an investigation prompted by ASB's report to NZ RegCo.