A South African FX trader was sentenced to four years in prison for fraud.

After being found guilty of fraud, a man from South Africa was sentenced to four years in jail. Jabulani “Cashflow” Ngcobo, 33, has also been fined 200,000 South African rands (about £10,600 British pounds or over $14,000 US dollars). The fine has been put on hold for the next five years. The Financial Sector Conduct Authority verified the report (FSCA). Mzabalazo Welcome Dlamini, one of Ngcobo's associates, was also sentenced to the same sentence.

The two were discovered to have lied about their own credentials, claiming to be financial services providers with the necessary authorizations to conduct foreign currency trading for their clients. They did not, though. As a consequence, they were convicted of violating section 7(1) of the Financial Advisory and Intermediary Services (FAIS) Act as well as fraud. Last year, Ngcobo made national headlines after it was revealed that he had allegedly committed fraud against an Angolan worker in Johannesburg. A total of 100,000 Rand was exchanged throughout the transactions, according to police reports at the time.

Read more: A South African FX trader was sentenced to four years in prison for fraud.

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