GARETH Gates, 36, revealed that a money transfer scam saw him lose a quarter of a million pounds.
Gareth decided to meet with the apparent expert in foreign currency trading after he saw “wealthy friends” have profitable success.
However, in the second year of monthly payments, it became clear that the associate had lost all of his money. Speaking to the Sunday Times, Gareth explained, “I’m more careful now as I got burnt once and lost £250,000. “I was a victim of that. I got nothing back and it was a big learning curve for me. “I learnt a big lesson that I invested a little bit more than I possibly should have.”
Gareth’s money and the trader are clearly long gone,
“He obviously didn’t have good risk management in place, and he’d got himself in too deep,” explained Gareth.
He says he now knows that you have to “work hard” then invest your money well.
The singer and former Dancing On Ice contestant added that he still hopes to one day live in a castle, but he’s holding out for a lottery win to buy it now. It is not all doom and gloom when it comes to Gareth’s finances, as he made an additional £600,000 on his house when he sold it for £1.3million recently.