South Africa’s Financial Sector Conduct Authority imposed administrative penalties totaling ZAR 10 million and 20-year debarments on three individuals following an investigation into coordinated trading in Altvest Limited shares. The authority found that trades conducted between Sept. 5 and 8, 2022, artificially inflated the share price and/or created a false or deceptive appearance of demand, supply or trading activity, contravening section 80(1)(a) of the Financial Markets Act. Altvest was then listed on the Cape Town Stock Exchange and is now listed on the Johannesburg Stock Exchange and A2X as Africa Bitcoin Corporation Limited. The authority fined Altvest CEO Warren Wheatley and WGW Capital ZAR 5 million jointly and severally, and Tatum Keshwar-Wheatley and Tatum Keshwar Investments ZAR 3 million on the same basis. Altvest Chief Investment Officer Akshay Karan received a ZAR 2 million penalty. Wheatley, Keshwar-Wheatley and Karan were each debarred for 20 years for contravening the Financial Markets Act and/or aiding and abetting violations of financial sector law.
2026-09-03South Africa Financial Sector Conduct Authority
South Africa’s Financial Sector Conduct Authority imposes ZAR 10 million in penalties and 20-year debarments over Altvest share manipulation
South Africa’s Financial Sector Conduct Authority imposed ZAR 10 million in penalties over coordinated trading that manipulated or created a false appearance of activity in Altvest shares. CEO Warren Wheatley, Tatum Keshwar-Wheatley and Chief Investment Officer Akshay Karan were also debarred for 20 years each.