FMA files civil case against Auckland investor over Steel & Tube trades

Franco Belgiorno-Nettis is alleged to have manipulated the NZX.

Thu, 06 Nov 2025

The Financial Markets Authority has filed civil proceedings against experienced Auckland-based retail investor Franco Belgiorno-Nettis for alleged market manipulation of shares in NZX-listed Steel & Tube Holdings Ltd.The regulator alleges that between November 2020 and July 2023, Belgiorno-Nettis made orders for Steel & Tube’s shares which repeatedly affected its closing share price, therefore likely having the effect of creating a false or misleading appearance of trading.The Financial Markets Authority (FMA) also alleges that th...

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