Gareth Gates lost £250,000 on the currency markets

Chris Edwards
·2-min read
Photo credit: David M. Benett/Dave Benett - Getty Images
Photo credit: David M. Benett/Dave Benett - Getty Images

From Digital Spy

Gareth Gates has revealed that he lost £250,000 falling victim to a bad trader on the currency markets.

Speaking to The Sunday Times, the Pop Idol and Dancing on Ice star explained how he met up with someone who claimed to be an expert in trading foreign currency.

The singer was told to expect a 50% increase on his investment each year, which is exactly what happened in the first 12 months.

However, in the second year, his investment began to plummet and he ended up losing a quarter of a million pounds.

Photo credit: Getty Images
Photo credit: Getty Images

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"I'm more careful now as I got burnt once and lost £250,000," Gareth said. "I was a victim of that. I got nothing back and it was a big learning curve for me."

Speaking of the trader who invested his money, he said: "He'd blown the account. Everybody's money had been blown.

"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."

Photo credit: Getty Images
Photo credit: Getty Images

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Gareth went on to say that he'd learned a "big lesson" as a result of the experience, and that he "invested a little bit more than I possibly should have".

It's not all bad news, though. He also shared how he made £600,000 profit when he sold his London house for £1.3 million.

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