Former Dancing On Ice champ Gareth Gates has unveiled that he became a victim of a money-making scheme that saw him lose an astonishing £250,000.
He decided to part with the funds and meet with the foreign currency expert after some of his rich and “wealthy friends” had reaped hefty returns.
The Unchained Melody hitmaker learnt a very hard lesson after suffering a quarter of a million-pound loss and now treads carefully when it comes to investing his fortunes.
Unable to reclaim any of money back, Gareth opened up on his own devastation, warning others who had considered using quick cash-making schemes in hope of doubling their profit margins.
Gareth has opened up to being scammed after betting on the currency markets (Image: Instagram)
Gareth felt that something wasn’t quite right and after a year or more of monthly payments, and he subsequently realised the money was gone.
Opening up about the ordeal, Gareth told the Sunday Times: “I’m more careful now as I got burnt once and lost £250,000.”
Confirming that he was unable to claw back any of the funds he had invested, he said: “I was a victim of that. I got nothing back and it was a big learning curve for me.”
Gareth said he’d learnt a hard lesson after he’d lost £250,000 (Image: Instagram)
On reflection, the Spirit In The Sky vocalist said: “I learnt a big lesson that I invested a little bit more than I possibly should have.”
When it came to his trusty advisor who had been responsible for managing his savings, Gareth explained: “He obviously didn’t have good risk management in place, and he’d got himself in too deep.”
It seems he won’t be relying on fast ways to make a swift turn around in the future stipulating that he now knows he’ll have to “work hard” and then invest his money well with assured and responsible associates.
In spite of the monstrous setback, Gareth still had his sights set high on a windfall and hoped that someday he’d win the Lottery so that he could fulfil his dreams of living in a remote castle.
Gareth ended his seven year on and off romance with Corrie star Faye Brookes and is now dating DJ Chloe McLennan (Image: Instagram)
Although it seems Gareth has been unlucky with his money, he appears to have landed on his feet when it comes to romance.
After calling it quits with his former fiancée, Coronation Street soap star Faye Brookes, he is currently said to be dating DJ Chloe McLennan.
Going public with Chloe, he took to Instagram to share a loved up snap of the pair celebrating her 30th birthday.
He captioned the four adorable snaps: “Happy birthday baby. Have the best day beautiful.”
Source: Celebrities - dailystar.co.uk
