Africa Bitcoin Corp Founder and Two Others Fined R10 Million for Altvest Share Manipulation

South Africa’s Financial Sector Conduct Authority (FSCA) has imposed R10 million in combined administrative penalties and 20-year debarments on three executives linked to Africa Bitcoin Corporation over share-price manipulation when the company was still known as Altvest Capital.

The regulator said the individuals — Africa Bitcoin Corporation founder and former CEO Warren Wheatley, former chief investment officer Akshay Karan, and Wheatley’s wife, Tatum Keshwar-Wheatley, who headed media and investor relations — coordinated trades in Altvest shares between September 5 and 8, 2022.

According to the FSCA, the coordinated trading created an artificially inflated share price and a false or deceptive appearance of demand, supply or trading activity in the shares. The regulator said the conduct breached Section 80(1)(a) of South Africa’s Financial Markets Act. 

What happened to the Africa Bitcoin Corporation executives?

The FSCA imposed the penalties according to each individual’s alleged involvement in the transactions.

Warren Wheatley and WGW Capital were jointly fined R5 million. WGW Capital held a 34% stake in Altvest at the time, with Wheatley executing trades through the company’s share-trading account.

Keshwar-Wheatley and Tatum Keshwar Investments were jointly fined R3 million. The investment company held approximately 17% of Altvest, and Keshwar-Wheatley executed trades through its account.

Karan was separately fined R2 million for his involvement in the transactions.

The three individuals were also each debarred for 20 years. The orders restrict them from providing or being involved in financial products or financial services, acting as key persons of financial institutions, or providing services to financial institutions.

Africa Bitcoin Corporation was not fined

The FSCA action was directed at the three individuals and the companies through which the relevant trades were executed, rather than Africa Bitcoin Corporation itself.

Africa Bitcoin Corporation told shareholders that no finding, administrative penalty or debarment order had been issued against any entity within its group. WGW Capital and Tatum Keshwar Investments were separate shareholders and trading vehicles involved in the transactions. 

The trading under investigation also predates Africa Bitcoin Corporation’s Bitcoin treasury strategy.

Altvest purchased its first Bitcoin in February 2025 before announcing its transition toward becoming a Bitcoin-focused treasury company later that year. The company subsequently changed its name to Africa Bitcoin Corporation. 

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Africa Bitcoin Corporation changes leadership

The FSCA decisions triggered immediate governance changes at Africa Bitcoin Corporation.

The company’s board placed Wheatley and Karan on precautionary leave and suspended Keshwar-Wheatley’s consulting services. Wheatley also resigned as a director of Africa Bitcoin Corporation.

All three resigned as directors of Altvest Credit Opportunities Fund, a wholly owned subsidiary of the group.

Stafford Masie, an executive director and the company’s director of Bitcoin strategy, assumed the role of interim CEO from August 31.

The board described the measures as precautionary and non-disciplinary and said they did not constitute a determination on the merits of the FSCA findings or the individuals’ challenges to the decisions.

Executives plan to challenge FSCA findings

Wheatley, Karan and Keshwar-Wheatley have disputed the FSCA’s findings.

Africa Bitcoin Corporation said the three intend to apply to the Financial Services Tribunal for reconsideration and suspension of the regulatory decisions.

As of the latest reporting, however, no suspension has been granted, meaning the FSCA orders remain effective.

The case adds a significant regulatory development to the story of Africa Bitcoin Corporation, which has positioned itself as Africa’s first listed Bitcoin treasury company.

For the broader African digital-asset market, the case also highlights the distinction between a company’s current crypto strategy and regulatory conduct that allegedly occurred years before its Bitcoin pivot.