Former CEO of JSE-listed company fined R5 million
The Financial Sector Conduct Authority (FSCA) has fined former Africa Bitcoin Company CEO, Warren Wheatley, R5 million for alleged share price manipulation, along with fines for other company executives.
The fines were handed down by the authority to three executive staff members, including Warren Wheatley, his wife, Tatum Keshwar-Wheatley, and Altvest CIO Akshay Karan.
The individuals have indicated that they will challenge the FSCA’s findings and penalties.
The FSCA investigated the three executives and alleged that they artificially inflated Altvest’s share price, with Altvest now being known as Africa Bitcoin Company.
“Through their coordinated conduct, they created an artificially inflated share price and/or a false or deceptive appearance of the demand for, supply of, or trading activity in Altvest shares,” the FSCA said.
“At all relevant times, Altvest shares were listed on the Cape Town Stock Exchange (CTSE).”
The financial authority said its investigation found that the three executives had contravened the Financial Markets Act.
As a result, the FSCA has imposed a R5 million fine on Wheatley and his company, WGW Capital, jointly and severally.
The FSCA said that Wheatley was the director of WGW Capital, which held a 34% share of Altvest at the time of the unlawful transactions.
“Mr Wheatley, in his capacity as a director of WGW Capital, executed trades through the company’s share trading account,” the FSCA said.
A R3 million fine was also imposed on Tatum Keshwar-Wheatley and her company, Tatum Keshwar Investments, jointly and severally.
“At the time of the unlawful transactions, Tatum Keshwar Investments held a 17% shareholding in Altvest,” the FSCA said.
“Mrs Keshwar-Wheatley, as the sole director of Tatum Keshwar Investments, executed trades through the company’s share trading account.”
A R2 million fine was also imposed on Africa Bitcoin Company CIO Akshay Karan for his involvement in the illegal trades.
The FSCA also decided to debar the executives for a period of 20 years each.
“The debarments were imposed on the basis that they contravened the FMA and/or aided and abetted others in contravening a financial sector law.”
On 1 September 2026, the Africa Bitcoin Company published a statement announcing that the three executives had resigned.
It noted that the FSCA’s debarment decisions were not directed at the company itself and that the authority had not made any findings against the group.
The company also said that the three executives had informed it that they intended to appeal the FSCA’s debarment decision.
“The Individuals have informed the company that they dispute the findings of the FSCA and will be applying to the Financial Services Tribunal for reconsideration and suspension of the FSCA decisions,” the company said.
In the interim, Africa Bitcoin Company announced that all three executives had resigned from their roles and appointed an interim CEO.
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