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