Spinning The Market
On Special Assignment this Sunday at 21:30
Individuals claiming to be wealthy forex traders, living lavish lifestyles, have become common on social media. But many who bought into their supposed riches say they were scammed.
Yolanda Xakeka had been saving for a deposit towards purchasing a house, but she felt the money she had invested was taking too long to yield returns. She turned to Forex trading, which she had some experience in, as a better option. She cashed in her investment and identified Jabulani ‘Cashflow’ Ngcobo, who claimed to be a successful forex trader, to trade on her behalf. She believes that he took her for a ride.
In May this year, Ngcobo and his business partner Mzabalazo Dlamini were sentenced to six years imprisonment, two of which were suspended. They are currently appealing this sentence. They were found to have misrepresented themselves as authorised financial services providers that could trade forex on behalf of their clients.
This week, Special Assignment looks into the forex market. What is fact, and what is fiction?
Spinning the Market was produced by Lindile Mpanza for Special Assignment.
Watch Special Assignment on SABC 3 and the News Channel, Sundays at 21:30.
For more information contact the Special Assignment office: 011 714 6758