CEO, his wife, and CIO of JSE-listed company disbarred and fined R10 million for share price manipulation

The Financial Sector Conduct Authority (FSCA) has disbarred Warren Wheatley, his wife, Tatum Keshwar-Wheatley, and Akshay Karan for share price manipulation.

They are all executives at Africa Bitcoin Corporation, formerly known as Altvest, which was listed on the Johannesburg Stock Exchange (JSE) in 2024.

Altvest was previously listed on the Cape Town Stock Exchange (CTSE), starting in May 2022, where the manipulation happened.

At the time of the offence, Wheatley served as chief executive officer, and Karan as chief investment officer, of the CTSE-listed Altvest.

The FSCA said they created an artificially inflated share price and a false or deceptive appearance of demand and activity linked to Altvest shares.

This, the FSCA said in a statement, was done through their coordinated conduct when Altvest was listed on the Cape Town Stock Exchange.

“The FSCA’s investigation found that the parties contravened section 80 of the Financial Markets Act (FMA),” the FSCA said.

This section prohibits anyone from creating a misleading, false, or deceptive impression regarding the market volume, supply, demand, or price of a listed security.

Simply put, the section prevents people from trading shares solely to push the price lower or higher, or to artificially make it look more active.

The FSCA imposed an administrative penalty of R5 million on Wheatley and WGW Capital.

“At the time of the unlawful transactions, WGW Capital held a 34% shareholding in Altvest,” the FSCA said.

“Wheatley, in his capacity as a director of WGW Capital, executed trades through the company’s share trading account.”

The FSCA further imposed an administrative penalty of R3 million on Keshwar-Wheatley and Tatum Keshwar Investments.

Tatum Keshwar Investments held a 17% shareholding in Altvest. “Keshwar-Wheatley executed trades through the company’s share trading account,” it said.

In addition, the FSCA imposed an administrative penalty of R2 million on Karan for his involvement in the unlawful transactions.

The FSCA also debarred Wheatley, Keshwar-Wheatley, and Karan for 20 years each. The debarments were imposed on the basis that they contravened the FMA.

Africa Bitcoin Corporation changes

The FSCA statement followed a SENS announcement on 1 September 2026 from the JSE-listed Africa Bitcoin Corporation about changes to the company.

The Africa Bitcoin Corporation said that the FSCA decisions were not issued against any entity within the group.

There was also no finding, administrative penalty or debarment order imposed on any entities within the company.

However, the FSCA decisions had immediate implications for the group. The board has placed Wheatley and Karan on precautionary leave of absence.

They are also suspended from all group executive, management, advisory, operational and decision-making responsibilities.

Similarly, the services provided by Tatum Wheatley through her consulting business have been suspended, subject to the applicable services agreement.

These measures took effect on 31 August 2026 for an initial one-month period, subject to board review.

Warren Wheatley has also resigned as a director of Africa Bitcoin Corporation, with effect from 31 August 2026.

Additionally, Warren Wheatley, Akshay Karan, and Tatum Wheatley have also resigned as directors of the Altvest Credit Opportunities Fund (ACOF)

The Altvest Credit Opportunities Fund is a wholly owned subsidiary of the Africa Bitcoin Corporation.

Stafford Masie, an executive director of Africa Bitcoin Corporation and Director of Bitcoin Strategy, assumed the role of interim CEO.

Masie will also oversee the group’s executive arrangements relating to Altvest Credit Opportunities Fund Limited (ACOF).

“These measures are precautionary and non-disciplinary, without prejudice to applicable rights and remedies,” the company said.

“They do not constitute a determination by the board regarding the merits of the FSCA findings or the Individuals’ challenges to the FSCA decisions.”

The three executives will dispute the FSCA’s findings and apply to the Financial Services Tribunal for reconsideration and suspension of the FSCA decisions.