He has also been fined R200,000, which is wholly suspended for five years.
The Financial Sector Conduct Authority has confirmed the successful conviction of Jabulani ‘Cashflow’ Ngcobo and his associate Mzabalazo Welcome Dlamini on several counts of fraud and contravening section 7 of the Financial Advisory and Intermediary Services Act.
The Specialised Commercial Crimes Court in Durban sentenced the two to six years’ imprisonment, two of which were suspended, and a fine of R200,000, wholly suspended for five years. Investigations found that the two had misrepresented themselves as authorised financial services providers that could trade forex on behalf of their clients, said the FSCA.
The FSCA said in a statement: “The FSCA welcomes the sentence imposed on them, as it sends a clear message against unscrupulous financial entities and scams. “Their conviction is also an example of the cooperation that exists between regulators and law enforcement agencies. The authority reminds consumers who wish to conduct financial services with an institution or person to first check with the FSCA whether or not such institution or person is authorised to render financial services, and the exact services they are authorised to render.”
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