The FSCA has fined Keshwar-Wheatley R3 million and barred her from the financial sector for 20 years.
Warren Wheatley and Tatum Keshwar-Wheatley during the 2022 Miss South Africa finale. Picture: Gallo Images
The Financial Sector Conduct Authority (FSCA) has imposed a R3 million administrative penalty and a 20-year debarment on former Miss South Africa Tatum Keshwar-Wheatley for her role in coordinated share trading that regulators say artificially inflated Altvest Limited share prices in 2022.
According to the statement, Keshwar-Wheatley, crowned Miss South Africa in 2008, acted in concert with her husband, then-Altvest CEO Warren Gregory Wheatley, and chief investment officer Akshay Suresh Karan between 5 and 8 September 2022.
The FSCA says it found their conduct created an artificially inflated share price and/or a false or deceptive appearance of demand, supply, or trading activity in Altvest shares, which were listed on the Cape Town Stock Exchange (CTSE) at the time. The conduct is said to have contravened section 80 of the Financial Markets Act.
The penalties, broken down
At the time of the trades, Tatum Keshwar Investments (Pty) Ltd – of which Keshwar-Wheatley was sole director – held a 17% shareholding in Altvest and she executed the relevant trades through the company’s share trading account. The R3 million penalty was imposed jointly and severally on her and the company.
Warren Wheatley and WGW Capital, which held a 34% shareholding in Altvest, face a joint and several penalty of R5 million, while Karan was fined R1 million for his direct involvement in the unlawful trades.
All three received the same 20-year debarment, restricting them from providing financial products or services, acting as key persons of a financial institution, or providing services to financial institutions.
According to reports by IT Web and Business Tech, the three executives intend to apply to the Financial Services Tribunal to reconsider and suspend the decisions.
Who is Tatum Keshwar-Wheatley?
Keshwar-Wheatley, 43, rose to national prominence after winning Miss South Africa 2008. She represented South Africa at Miss Universe 2009, placing in the Top 10, and at Miss World 2009 where she finished as second runner-up and Miss World Africa.
She is a qualified psychologist with a degree from the University of KwaZulu-Natal and went on to build a career in business and media. Per the company’s website, she served Altvest (since rebranded as Africa Bitcoin Corporation and listed on the JSE and A2X) in media and investor relations roles, and previously as executive director of related entities.
Company response
Per a Moneyweb report published on Wednesday, Africa Bitcoin Corporation placed Wheatley and Karan on precautionary leave and suspended Keshwar-Wheatley’s consulting services with effect from 31 August 2026, after the board was informed of the FSCA decisions on 30 August.
An existing executive director and the company’s director of bitcoin strategy, Stafford Masie, has taken over as interim CEO. The board has stressed that the measures are precautionary and non-disciplinary, and do not amount to a determination on the merits of the FSCA’s findings or the individuals’ challenge to them.
The Citizen requested comment from Altvest/Africa Bitcoin Corporation for this story. No response had been received at the time of writing.
