JOHANNESBURG – In the wake of reports that self-proclaimed millionaire Jabulani ‘Cashflow’ Ngcobo has been arrested and sentenced to six years, Financial Sector Conduct Authority (FSCA) has confirmed the sentencing of the Durban-born Forex Exchange trader.
According to a statement released on Tuesday, Ngcobo and his partner Mzabalazo Dlamini have been found guilty of fraud.
FSCA has since welcomed the sentencing of the popular Durban Foreign Exchange businessman Ngcobo, and his partner in crime Dlamini, on several counts of fraud.
“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,” read a statement.
“Their conviction is also an example of the co-operation that exists between regulators and law enforcement agencies,” it continued.
In addition, reports surfaced on Tuesday that Ngcobo has been arrested for allegedly defrauding an Angolan national, Francis Boole, in Sandton for a whopping R100 000 and the case was opened in Sandton, Johannesburg.
However, FSCA did not indicate when the duo was sentenced, but the matter went to the Specialised Commercial Crimes Court in Durban in 2014.
In a statement released on Tuesday, FSCA said the court has now sentenced the duo to six years imprisonment, two of which were suspended, and a fine of R200 000 wholly suspended for five years.
Moreover, the FSCA also urged consumers who wish to conduct financial services with an institution or person to first check with it whether or not such institution or person is authorised to render financial services, and the exact services they are authorised to provide.