Social media users share how they were conned by Jabulani ‘Cashflow’ Ngcobo

Social media users have, for years, questioned the origins of popular foreign exchange (ForEx) millionaire Jabulani “Cashflow” Ngcobo’s wealth and now that he has reportedly been sentenced to six years in prison for fraud related to his business, his alleged victims have come forward to share their experiences with him.

Rumours of his arrest have been swirling on social media for over a week and were confirmed earlier today by the Financial Sector Conduct Authority (FSCA).

“The FSCA welcomes the successful prosecution and sentencing of Jabulani ‘Cashflow’ Ngcobo and Mzabalazo Welcome Dlamini on several counts of fraud and contravening section 7(1) of the Financial Advisory and Intermediary Services (FAIS) act,” read part of the FSCA statement.

FSCA statement on Cashflow Ngcobo’s arrest

“The matter was in court since 2014, and the Specialised Commercial Crimes Court in Durban has now sentenced the two to six years, imprisonment, two of which were suspended, and a fine of R200 000 wholly suspended for five years,” added the FSCA.

According to FXMagazines, Ngcobo was acquitted on similar charges in 2017 and was alleged to have conned an Angolan national based in Sandton out of money in a foreign exchange (forex) trade deal that went awry a year later.

RELATED: Forex trader Jabulani ‘Cashflow’ Ngcobo gets four years in prison for fraud

Ngcobo and Dlamini were referred by the FSCA to the criminal authorities following extensive investigations and adverse findings by the Authority.

“The investigations found that the duo had misrepresented themselves as authorised financial services providers (FSPs) that could trade forex on behalf of their clients when they were not. This is a criminal offence, and the FSCA welcomes the sentence imposed on them, as it sends a clear message against unscrupulous financial entities and scams,” stated the FSCA.

Since news of Ngcobo’s conviction has been confirmed, a number of his victims have taken to social media to share their experiences with him and his girlfriend (who is known only as Tumi Linx) has had to disable comments on his Instagram page as a result.

Ngcobo has amassed a number of celebrity friends over the years including Thembi Seete, her rich businessman boyfriend Collen Mashawana, Malusi Gigaba, Minnie Dlamini-Jones, Connie Ferguson, Somizi and controversial businesswoman Shawn Mpisane.

READ NEXT: Thembi Seete shows off her businessman boyfriend

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