Cashflow Ngcobo sentenced to 6 years in jail on fraud-related charges

Cashflow Ngcobo sentenced to 6 years in jail on fraud-related charges

Self-proclaimed millionaire and author, Jabulani 'Mr Cashflow' Ngcobo, has been given jailtime along with his partner-in-crime, Mzabalazo Welcome Dlamini. They have been found guilty on fraud charges.

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Jabulani 'Mr Cashflow' Ngcobo and his partner, Mzabalazo Welcome Dlamini, have been found guilty on several counts of fraud.

The pair is famous for living lavish lifestyles and throwing extravagant parties while showing off their moola.

However, the men were accused of scamming people out of their money via foreign exchange schemes.

IOL News reports the Financial Sector Conduct Authority has welcomed the duo's sentencing - they've received six years' imprisonment, two of which were suspended.

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Briefly.co.za learnt that the men also received a fine of R200 000, wholly suspended for five years.

Ngcobo published a book in which he claimed to share his life story and how he 'made it' in Forex. The book also offered financial tips.

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However, given the fact that he has been found guilty of fraud, it is expected that sales will drop severely.

According to ZAlebs, it is possible that more charges are underway.

The FSCA did not indicate when the men were sentenced.

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Source: Briefly.co.za

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