FSCA Debars Africa Bitcoin Officers Over Share Price Manipulation

The Financial Sector Conduct Authority (FSCA) has debarred three senior officers of Africa Bitcoin Corporation (ABC), formerly Altvest Capital Limited, for 20 years each. The debarment follows an investigation into share transactions that artificially inflated the company's share price and created a false impression of market activity.

The three individuals involved are Warren Gregory Wheatley, chief executive of Altvest Capital; his wife Tatum Keshwar-Wheatley; and Akshay Suresh Karan, chief investment officer. The FSCA found that they acted in concert between September 5-8, 2022, to artificially inflate the share price.

The regulator imposed administrative penalties totaling R10 million on the three individuals and their companies, WGW Capital (Pty) Ltd and Tatum Keshwar Investments (Pty) Ltd. ABC has stated that neither it nor its subsidiaries are subject to an FSCA finding or debarment order.