The FSCA welcomed the sentencing of popular Durban forex scammer Jabulani 'Mr Cashflow' Ngcobo on several counts of fraud.
Johannesburg - The Financial Sector Conduct Authority on Tuesday welcomed the sentencing of popular Durban foreign exchange scammer Jabulani 'Mr Cashflow' Ngcobo, and his partner in crime Mzabalazo Welcome Dlamini, on several counts of fraud.
An Angolan businessman Francis Boole laid a charge of fraud against Ngcobo in Johannesburg last year, accusing him of having conned him of R100 000 in a forex trade deal that went wrong. Even though the FSCA did not indicate when the duo was sentenced, the matter went to the Specialised Commercial Crimes Court in Durban in 2014.
The investigations found that the duo had misrepresented themselves as authorised financial services providers that could trade forex on behalf of their clients, when they were not.
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