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.
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.
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.
Main image credit: @cashflowngcobo Instagram