Entertainment UK

Gareth Gates scammed out of £250,000 by dodgy Forex money trader

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.”

Gareth Gates has revealed that he lost £250,000 with a dodgy Forex trader

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.

Gareth Gates says he has learned a tough lesson after the money-making scheme ended up losing him a lot of cash

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.

Gareth, who split with Corrie star Faye Brookes last year, is now dating DJ Chloe McLennan

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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The Buzz

ED summons Punjab CM Amarinder’s son on October 27 in forex case

Tribune News Service
Jalandhar, October 23

The Enforcement Directorate (ED) has summoned Raninder Singh, son of Punjab Chief Minister Capt Amarinder Singh, in connection with alleged Foreign Exchange Management Act (FEMA) violation case, on October 27.

Earlier, Raninder had appeared before the ED on July 21, 2016. He was then asked to explain the alleged movement of funds to Switzerland and creation of Jacaranda Trust and a few subsidiaries in British Virgin Islands.

The ED summons have come at a time when its officials had sought to inspect the I-T files in three cases against him and the CM through an application on September 14, 2020. Though the inspection was initially allowed, it was later stopped after Raninder submitted a revised petition saying that the ED had no locus standi since it had not served any notice to him.

Raninder’s lawyer Jaiveer Shergill said, “We will examine the summons and accordingly put up our case”.

Questioning the timing of the summons, Congress leaders said, “These might have come now probably because of the tough stand that Captain Amarinder has taken against the Centre over the farm Acts.”

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