Connect with us

Life of A Trader

Embattled Forex Trader Jabulani Ngcobo lashes out at the media

Phumzile Ngcatshe

Published

on

JOHANNESBURG – Resulting in a four-year sentence handed down to Forex trader Jabulani Ngcobo last month, the self-proclaimed millionaire has reportedly been released on bail.

The development comes after the man, also known as ‘Cashflow’ appealed the sentence and is out on bail pending the outcome of the appeal.

Ngcobo was charged with fraud after an Angolan national Francis Boole laid charges against him in Sandton for allegedly taking R100 000 in a forex deal that went sour in 2018.

A no stranger to controversy, Ngcobo was acquitted on similar charges in 2017 and he was found guilty last month for conning the Angolan national based in Sandton, Johannesburg.

Meanwhile, the 33-year-old was found guilty of fraud alongside business partner Mzabalazo Dlamini by the specialised commercial crimes court in Durban for a case that has been running since 2014 and FX Magazine has gathered that he is out on bail.

Although the Financial Sector Conduct Authority (FSCA) released a statement a week ago commending the arrest, FX Magazine made efforts to contact them for comment regarding Ngcobo’s release, yet there was no response at the time of publishing.

However, Ngcobo has also lashed out at the media for not covering all the facts, suggesting the media is celebrating the fall of an African child but insists Forex is not a scam.

“In the year 2011 we were brutally attacked by the media after a strategic R1m party we hosted. The summary of all reports was that we were being investigated by major financial and compliance SA institutions; namely the SARB and FSCA, both matters were referred to the commercial crimes court for prosecution,” said Ngcobo.

“We adhered to the process and attended the Reserve Bank case in Jhb (Johannesburg) which went on almost simultaneously with the FSCA case in Dbn (Durban). The Reserve bank matter was then finalized in 2017 and we were acquitted on all charges including Fraud.

“I cannot recall the media writing intensively about our victory as some have opted to write such incriminatory publications now. The Durban matter was accordingly finalized on the 18th of April 2019, we were sentenced to 4 years imprisonment.

“Our legal team applied for a leave to appeal on the same day and this was granted, however there were few challenges as it is expected for any process,” he concluded.

View this post on Instagram

STATEMENT ON THE CURRENT HYPE & SPECULATIONS AROUND THE POSSIBLE INCARCERATION OF CASH FLOW, In the year 2011 we were brutally attacked by the media after a strategic R1m party we hosted. The summary of all reports was that we were being investigated by major financial and compliance SA institutions; namely the SARB and FSCA, both matters were referred to the commercial crimes court for prosecution.We adhered to the process and attended the Reserve Bank case in Jhb which went on almost simultaneously with the FSCA case in Dbn. The Reserve bank matter was then finalized in 2017 and we were acquitted on all charges including Fraud. I cannot recall the media writing intensively about our victory as some have opted to write such incriminatory publications now.The Durban matter was accordingly finalized on the 18th of April 2019, we were sentenced to 4 years imprisonment. Our legal team applied for a leave to appeal on the same day and this was granted, however there were few challenges as it is expected for any process. Our conviction is immovable, we strongly believe that the High Court will not find us guilty as it happened with the Jhb case. What is excruciating about this, is that the media is now reporting as if all this is recent, whereas the entity in subject is Cashflow Properties CC which was liquidated in 2012 meaning that whatever that is being reported pertains to what occurred between 2009 and 2011 consequently making many people to believe that our current business model is illegal and such is not a case. We have never been charged of any fraud case or contravening any act since 2013. The FSCA statement demonstrated no care to mention other fundamental facts such as those stated above. It’s so sad to see that people have been celebrating what they thought was a downfall of another African child without gathering relevant facts. However it is not time yet to attend to twitter celebrities who are otherwise irrelevant without Twitter. African child, do not be mislead – Forex trading is not a scam and it will never be. Last but not least, the celebrations came to early, this case is far from being over. It is not over until Jehovah says it's over.

A post shared by Jabulani N (@cashflowngcobo) on

Phumzile is an experienced Journalist having launched his career in 2007. He has written for News24 Travel and a number of Football websites and publications covering the South African Premier Soccer League (PSL), African football such as the CAF African Cup of Nations and CAF Club competitions. He recently joined FX Magazine to offer more balanced and unbiased financial reporting.

Trending