Jabulani “Cashflow” Ngcobo was known as one of the most successful forex traders in South Africa. Forex trader and author Jabulani Ngcobo is facing fraud charges after he allegedly crooked another person out of R100000.
ALSO READ: South African Forex Trader Jabulani Cashflow Ngcobo Sentenced To 6 Year Imprisonment
The Financial Sector Conduct Authority (FSCA) has also confirmed the successful conviction of 33-year-old Jabulani ‘Cashflow’ Ngcobo and his associate Mzabalazo Welcome Dlamini on several counts of fraud and contravening section 7(1) of the Financial Advisory and Intermediary Services (FAIS) Act.
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Cashflow, who was known on Instagram for living a lavish life, flying in private jets, wearing designer clothes and driving luxury cars, was sentenced to six years in prison for fraud. The self-proclaimed millionaire and author Jabulani and his friend Mzabalazo appeared at the Specialised Commercial Crimes Court in Durban
As reported by Daily Sun, Somizi Mhlongo’s fiance Mohale Motaung, who’s one of Cashflow’s friends, said he didn’t know anything about it.
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“Will you please call after an hour so I can talk to you,” he told the SunTeam when approached for comment.
Radio personality Sizwe Dhlomo said he had warned people on social media to be careful of trusting Forex traders. One of Cashflow’s close associates, businessman TT Mbha, said: “It would be unfair of me to comment because I also found out, like everyone else, from the news. I have lots of people calling me about money he took from them.”
Image Courtesy: instagram.com/cashflowngcobo