South Africa Regulator Slams Executives Over Cryptocurrency Share Manipulation
South Africa's Financial Sector Conduct Authority (FSCA) has imposed penalties and debarments on three senior executives of Africa Bitcoin Corporation, formerly known as Altvest Capital.
The three individuals - Warren Wheatley, Tatum Keshwar-Wheatley, and Akshay Karan - were found to have manipulated the company's shares in September 2022, creating an artificially inflated price and false appearance of demand.
The FSCA imposed a combined R10mn ($540,000) in penalties and 20-year debarments on the three executives. Warren Wheatley was fined R5mn ($313,121.75 USD), while Tatum Keshwar-Wheatley and Akshay Karan were each fined R3mn ($187,839.76 USD) and R2mn respectively.
The executives dispute the FSCA's findings and have indicated they will apply to the Financial Services Tribunal for reconsideration.