On 6 November 2025, NZFiMA alleged a retail investor manipulated STU shares.
NZFiFMA filed civil proceedings against Franco Belgiorno-Nettis, a retail investor, for alleged market manipulation of Steel and Tube Holdings Limited (STU) shares.
Allegations
- Between November 2020 and July 2023, Belgiorno-Nettis traded STU shares via accounts he held with ASB Securities; the orders repeatedly impacted STU's closing prices.
- This likely had the effect of creating a false or misleading appearance of trading.
- NZFiFMA alleges that the orders lacked a genuine commercial purpose.
- Belgiorno-Nettis took actions to increase or maintain the price of STU shares for his personal advantage at a time when he held a substantial shareholding in the company.
NZFiMA's Comments
- Investors should be careful to understand their obligations when trading online.
- ASB has systems and controls in place that detects and refers concerns to NZ RegCo.
- This demonstrates the critical role that good systems play in detecting and preventing potential misconduct in markets.
