Gareth Gates has opened up that he was a foreign currency trading victim and has lost £250,000.
At first, he invested £100,000, and the scheme was like a 50% return from it each year, and it also happened in the starting first year.
The singer further invested £150,000 for the second time, and after that, his monthly payments became slow after this.
Gareth Gates said to The Sunday Times, that reads: “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.”
“He’d blown the account. Everybody’s money had been blown.”
Then he continued, “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 singer first described the incident as a “big learning curve.”