Gareth Gates has revealed he lost £250,000 after falling victim to a foreign currency trader.
The singer said he invested £100,000 and was informed he would see a 50% return on it each year, which did happen in the first year. However, after he invested another £150,000, his monthly payments started to slow down.
"I'm more careful now as I got burnt once and lost £250,000," Gates told The Sunday Times. "I was a victim of that. I got nothing back and it was a big learning curve for me."
The 36-year-old said of the trader in the publication’s Fame and Fortune column: "He'd blown the account. Everybody's money had been blown.
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"He obviously didn't have good risk management in place, and he'd got himself in too deep. He'd maybe lost some bad trades and tried to chase them and literally lost everybody's money, unfortunately."
The Pop Idol runner-up described it as a "big learning curve".
Gates' fortunes haven't been all bad though as he shared he'd also made £600,000 profit when he sold his London home.
Last year saw him split from long-time girlfriend and Coronation Street actor Faye Brookes with the pair calling off their engagement in the summer of 2019.
He was married once before to Suzanne Mole with whom he shares 11-year-old daughter Missy.
Gates is now said to be dating 30-year-old DJ Chloe McLennan.
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