Remember when Forex was like a huge thing and everyone’s grandmothers were ready to trust these traders with their pensions? Well, some of those who did that immediately regretted it as we all found out that a lot of Forex Traders in South Africa are scammers.
Twitter was set alight when news of another famous Forex Trader has been pinched by the law. Jabulani Ngcobo, ironically known as “Cashflow”, has allegedly been given an effective 6-year term for fraud-related crimes and rumour has it that more charges are underway.
Why does his name sound familiar? Well, this isn’t the first time Cashflow Ngcobo has made the news for allegedly scamming people. Ngcobo was acquitted on similar charges in 2017, then in 2018 after Sunday World reported that he was accused of conning an Angolan national based in Sandton in a Forex trade deal that went left.
However, Ngcobo denied the allegations and told the Sunday newspaper that the court had set him free when he was accused of similar allegations in 2017.
Since then, his reputation was barely even smudged as he even released a book last year titled Cashflow Naked which speaks about his success and entrepreneurial skills as a Forex guru.
View this post on Instagram
The news of Ngcobo’s sentencing first came out as a developing story yesterday and at the time, it was reported that Ngcobo was being sentenced for 9-years.
However, a recently released statement posted on the Financial Sector Conduct Authority website confirms that Ngcobo and his business associate have been prosecuted and sentenced for six years.
Ever since the news came out about Ngcobo’s sentencing, people on social media, have been criticizing South African Forex Traders and have labelled most of them as fraudsters.
Remember when we told you guys about Forex traders? 🤷🏽♂️
— Sizwe Dhlomo (@SizweDhlomo) May 6, 2019