FSCA Fines Africa Bitcoin Corp Officers R9M and Imposes 20-Year Debarments for Share Manipulation

What to Know:

• The FSCA has released the reasons behind its 20-year debarments of three Africa Bitcoin Corporation executives.
• Warren Wheatley, Tatum Keshwar-Wheatley, and Akshay Karan manipulated Altvest Capital’s share price in 2022.
• Trades between September 5 and 8, 2022, created artificially inflated demand for Altvest shares.
• The regulator fined the trio R5M, R3M, and R1M respectively, and barred each for 20 years.
• No fine or debarment was issued against Africa Bitcoin Corporation itself or its subsidiaries.

FSCA Reveals Reasons Behind Debarment and Fines

South Africa’s Financial Sector Conduct Authority (FSCA) has published the details behind its debarment of three former Africa Bitcoin Corporation (ABC) officers. The FSCA confirmed a total of R9 million in itemized administrative penalties and 20-year bans from the financial services industry for each individual.

The disclosure follows the regulator’s confidential notice to the company’s board on August 30, 2026. The disclosure led to leadership changes at ABC, formerly known as Altvest Capital.

Coordinated Share Price Manipulation

Per the FSCA, between September 5 and 8, 2022, then-CEO Warren Wheatley acted with his wife, Tatum Keshwar-Wheatley, who headed media and investor relations, and CIO Akshay Karan to manipulate Altvest share prices.

The FSCA says their coordinated trading “created an artificially inflated share price and a false or deceptive impression of demand for, supply of, or trading activity in Altvest shares.” At the time, the company was listed on the Cape Town Stock Exchange, roughly four months after its May 2022 listing there.

The FSCA found the conduct violated Section 80(1)(a) of the Financial Markets Act. Section 80(1)(a) prohibits creating a misleading or deceptive impression of a listed security’s price, supply, or demand.

Breakdown of Financial Penalties

The FSCA imposed a R5 million penalty jointly on Wheatley and WGW Capital (Pty) Ltd, the entity he used to execute the trades. WGW Capital held a 34% stake in Altvest at the time.

Keshwar-Wheatley and Tatum Keshwar Investments (Pty) Ltd, which held roughly 17% of Altvest, were jointly fined R3 million.

Ashkay Karan was fined R1 million for his involvement in the transactions. The three itemized penalties add up to R9 million. 

All of these administrative penalties exist alongside the 20-year debarment orders. 

Corporate Operations and Leadership Transition

As previously reported by Crypto Africa News, ABC’s board placed Wheatley and Karan on precautionary leave and suspended Keshwar-Wheatley’s consulting arrangement. The board also accepted Wheatley’s resignation as a director effective August 31. All three also resigned from the board of subsidiary Altvest Credit Opportunities Fund.

The FSCA’s findings and penalties apply only to the three individuals and their private holding companies. No entity within Africa Bitcoin Corporation faces any finding, fine, or debarment. Stafford Masie was appointed interim CEO to preserve operational continuity.

The three individuals have said they dispute the FSCA’s findings and intend to seek reconsideration and a suspension of the decisions from the Financial Services Tribunal. No such stay has been granted, so the debarments remain in effect.