Finance body happy with fraudsters’ busts
THE Financial Sector Conduct Authority (FSCA) has welcomed the sentencing of popular Durban foreign exchange (forex) scammer Jabulani “Mr Cashflow” Ngcobo, and his partner in crime Mzabalazo Welcome Dlamini, on several counts of fraud.
They were known for living a champagne lifestyle, throwing lavish parties and showing off their wealth on Instagram.
Ngcobo, 33, who has been claiming to be a self-made millionaire as chief executive of Cashflow Pro, last year published a book Cashflow Naked, sharing his life story and how he made it in forex, and also offering financial tips for disadvantaged communities.
An Angolan businessman Francis Boole laid a charge of fraud against Ngcobo in Joburg last year, accusing him of having conned him of R100 000 in a forex trade deal that went wrong.
In 2017, Ngcobo threw a R1 million party after the Randburg Magistrate’s Court acquitted him and Dlamini on charges of fraud, theft and money laundering. They topped off the party with a trip to French Indian Ocean island, Reunion, to mark the occasion.
Yesterday the FSCA welcomed the prosecution and sentencing of Ngcobo and Dlamini on several counts of fraud, and contravening the Financial Advisory and Intermediary Services Act.
The matter was before the Specialised Commercial Crimes Court in Durban, since 2014.
The court has sentenced the two to six years imprisonment, two of which were suspended, and a fine of R200 000 wholly suspended for five years. |