Gareth Gates has said he lost £ 250,000 due to a dubious Forex trader.
The Pop Idol icon, 36, revealed that a scam saw him lose a quarter of a million.
He had decided to meet the obvious expert on foreign exchange trading after seeing “rich friends” have profitable success.
During the second year of monthly payments, however, it became clear that the employee had lost all his money.
Considering the Sunday Times, Gareth revealed: “I’m more careful now that I’ve been burned once and lost £ 250,000.
“I fell victim to it. I got nothing back and it was a big learning curve for me.
“I learned a great lesson that I invested a little more than I could have.”
So, what had happened to Gareth’s money and the trader?
“He obviously did not have good risk management in place, and he had gone too deep,” Gareth explained.
But Gareth has at least learned a powerful lesson that he will take into account in the future when it comes to money.
He says he now knows that you have to “work hard” and then invest your money well.
The singer and former Dancing On Ice contestant also added that he still hopes to one day live in a castle, which would be his first purchase if he won the lottery.
Still, it’s not all bad news when it comes to Gareth’s money, as he made another £ 600,000 on his house when he managed to sell it for £ 1.3 million.
Gareth was married to dancer Suzanne Mole from 2008 to 2012, with whom he shares his only child, the 10-year-old daughter Missy.
He previously had a romantic relationship with former Coronation Street star Faye Brookes, with whom he shared last year.
The Corrie star had had an on-off relationship with Gareth for almost seven years before they broke off their engagement in 2019.
Pop Idol’s second place is now in a relationship with DJ Chloe McLennan.
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