Gareth Gates has said he lost £250,000 due to a dodgy Forex money trader.
The Pop Idol icon, 36, revealed that a scam saw him lose a quarter of a million in the damaging scam.
He had 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 revealed: “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.”
So, what had happened with Gareth’s money and the trader?
“He obviously didn’t have good risk management in place, and he’d got himself in too deep,” explained Gareth.
However, Gareth has at least learned a powerful lesson that he will take heed of in future when it comes to money.
Gareth added: “You have to work hard then invest well and you have to give.”
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.
Yet, it is not all bad news when it comes to Gareth’s money, as he made an additional £600,000 on his house when he managed to sell it for £1.3million.
Gareth was married to dancer Suzanne Mole from 2008 to 2012, with whom he shares his only child, 10-year-old daughter Missy.
He previously had a romantic relationship with former Coronation Street star Faye Brookes, who he split with last year.
The Corrie star had been in an on-off relationship with Gareth for almost seven years before they called off their engagement in 2019.
The Pop Idol runner-up is now in a relationship with DJ Chloe McLennan.
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