Jabulani 'Cashflow' Ngcobo
Jabulani 'Cashflow' Ngcobo | |
---|---|
Jabulani 'Cashflow' Ngcobo | |
Born | Jabulani Ngcobo May 30, 1985 KwaDabeka, Durban |
Nationality | South Africa |
Citizenship | South Africa |
Occupation |
|
Organization | Cashflow Properties |
Known for | Business & Flamboyance |
Partner(s) | Tumi Linx |
Children |
|
Jabulani 'Cashflow' Ngcobo is a South African foreign exchange (forex) trader. Ngcobo and his partner Mzabalazo Welcome Dlamini were sentenced to six years in jail on several counts of fraud.
Background
He was born and raised in KwaDabeka, Durban, South Africa.[1]
Age
Jabulani Ngcobo was born on 29 May 1985.[1]
Children
'Cashflow' Ngcobo has three children with Tumi Linx.[2] The children are; Letho, Luwigy, and Amara.[1]
Fiance
'Cashflow' Ngcobo proposed at an all-white party at the Four Seasons Hotel in Johannesburg. The all-white engagement party was attended by A-listers such as actress Connie Ferguson, Real Housewives of Durban cast member Ayanda Ncwane, Shauwn Mkhize and Sophie Ndaba. Tumi and Ngcobo have been together on and off for over four years.[3]
Social Media and Contacts
- Twitter: Jabulani Ngcobo
- Instagram: cashflowngcobo
Businesses
- Cashflow Properties
Net Worth
Cashflow Ngcobo's actual or estimated net worth is unknown. However, Briefly puts Cashflow Ngcobo's net worth at around R5M.[1]
Education
He enrolled at Langa High school in Clermont, where he studied his secondary education.[1]
Career Before Forex Trading
He worked at Toyota for a period of not more than eight months.
After leaving the job, in 2016, he started a debt collection company before venturing into a stock market-related business, launching his brand Cashflow Pro in 2009, which was re-branded from Smart FX Pro.[1]
Fraud Accusations
In 2018, an Angolan businessman Francis Boole laid a charge of fraud against Ngcobo in Johannesburg, accusing him of having conned him of R100 000 in a forex trade deal that went wrong.[4]
Another client, Mkhulisi Ngubane registered a complaint with the Financial Sector Conduct Authority (FSCA). This was after Ngcobo had allegedly gone AWOL when he wanted to withdraw. Ngcobo had also referred him to another trading company after he had already given him money.[2]
R1 Million Party
In 2017, Ngcobo threw a R1 million party after the Randburg Magistrate's Court acquitted him and Dlamini on charges of fraud, theft and money laundering. They also took a trip to French Indian Ocean island Reunion to mark the occasion.[4]
Conviction and Sentencing
'Cashflow' Ngcobo was sentenced to six years in jail on several counts of fraud and contravening section 7(1) of the Financial Advisory and Intermediary Services (FAIS) Act. The matter went to the Specialised Commercial Crimes Court in Durban in 2014.
The court sentenced Ngcobo and Dlamini to six years, imprisonment, two of which were suspended, and a fine of R200 000 wholly suspended for five years.
The Financial Sector Conduct Authority (FSCA) referred the duo to the criminal authorities following its extensive investigations and adverse findings. The investigations found that the duo had misrepresented themselves as authorised financial services providers (FSPs) that could trade forex on behalf of their clients when they were not.[4]
Ngcobo and Dlamini made an application for leave to appeal their sentence and it was granted.[2]
Books
- Cashflow Naked (2018)[4]
References
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 Jabulani Ngcobo bio: age, family, cashflow, cars, net worth, profile, Briefly, Published: 2020, Retrieved: April 28, 2021
- ↑ 2.0 2.1 2.2 BOITUMELO KGOBOTLO, 'Cashflow' Ngcobo appeals jail sentence, Sowetan Live, Published: MAy 12, 2019, Retrieved: April 28, 2021
- ↑ Sandisiwe Mbhele, WATCH: Convicted forex trader Jabulani ‘Cashflow’ Ngcobo’s lavish proposal, Citizen, Published: April 26, 2021, Retrieved: April 28, 2021
- ↑ 4.0 4.1 4.2 4.3 Forex scammer Cashflow Ngcobo sentenced to six years in jail, IOL, Published: May 8, 2019, Retrieved: April 28, 2021