Cashflow Ngcobo Spotted going into Randburg Community Corrections
Cashflow Ngcobo was spotted wearing all black and shades going into the Randburg Community Corrections office.
His Maserati is always spotted there on Mondays where he meets his parole agent.
Jabulani ‘Cashflow’ Ngcobo is a South African foreign exchange (forex) trader. Ngcobo and his partner Mzabalazo Welcome Dlamini were sentenced to six years in jail on several counts of fraud.
Cashflow Ngcobo’s actual or estimated net worth is unknown. However, Briefly put Cashflow Ngcobo’s net worth at around R5M.
In 2018, an Angolan businessman Francis Boole laid a charge of fraud against Ngcobo in Johannesburg, accusing him of having conned him of R100 000 in a forex trade deal that went wrong.
Another client, Mkhulisi Ngubane registered a complaint with the Financial Sector Conduct Authority (FSCA). This was after Ngcobo had allegedly gone AWOL when he wanted to withdraw.
Ngcobo had also referred him to another trading company after he had already given him money.
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 also took a trip to French Indian Ocean island Reunion to mark the occasion.
‘Cashflow’ Ngcobo was sentenced to six years in jail on several counts of fraud and contravening section 7(1) of the Financial Advisory and Intermediary Services (FAIS) Act. The matter went to the Specialised Commercial Crimes Court in Durban in 2014.
The court sentenced Ngcobo and Dlamini to six years, imprisonment, two of which were suspended, and a fine of R200 000 wholly suspended for five years.
The Financial Sector Conduct Authority (FSCA) referred the duo to the criminal authorities following its extensive investigations and adverse findings. 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.
Ngcobo and Dlamini made an application for leave to appeal their sentence and it was granted.
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