Miss SA 2008 Tatum Keshwar-Wheatley debarred, fined R3m over Altvest share price manipulation
The FSCA has fined former Miss South Africa and Altvest executive director Tatum Keshwar-Wheatley R3 million and banned her from the financial sector for 20 years.
Former Miss South Africa Tatum Keshwar-Wheatley has been penalized with a R3 million fine and a 20-year ban from the financial industry for her involvement in share price manipulation involving Altvest Limited shares in 2022. The Financial Sector Conduct Authority (FSCA) found that Keshwar-Wheatley, her husband Warren Wheatley, and chief investment officer Akshay Suresh Karan conspired to artificially inflate the share prices of Altvest Limited between September 5-8, 2022.
The FSCA stated that their actions contravened section 80 of the Financial Markets Act, creating an artificially inflated share price, or a false or deceptive appearance of demand, supply, or trading activity. Keshwar-Wheatley, who held a 17% share in Altvest at the time, executed the trades through the company's account, while Wheatley and Karan each faced a R5 million and R1 million penalty respectively.
All three have been banned from providing financial products or services for 20 years. The executives are reportedly planning to appeal the decision to the Financial Services Tribunal.
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