Thursday, October 29, 2020

Forex tutors won't like this! Musician narrates how he lost N149,000,000 in a forex investment

Gareth Gates has shared how he was ‘burnt’ by an investment gone wrong that saw him lose £250,000 (N149,000,000).

The 36-year-old singer recalled meeting someone claiming to be an expert in trading foreign currencies after he saw ‘wealthy friends’ make money, and was keen to dip his own toes into ‘the Forex (foreign exchange trading) thing’. 

However, it didn’t end well for the Pop Idol star. 

He told the Sunday Times of his investment history: ‘I’m more careful now as I got burnt once and lost £250,000. 

‘I had a meeting with a guy who claimed to be an expert in trading foreign currencies. He had a very good track record and lots of my wealthy friends at the time had invested and seen a good return. So I decided to get involved.’

Explaining he initially invested ‘about £100k’, Gareth said he was told the return would be 50% each year.

After seeing the £50k return, Gareth, who was keen to make sure he was setting himself up well for when the music stopped, said he decided to invest another £150k. 

He said: ‘So I’d invested 250, yes I’d had 50K back, but the second year the monthly payments started to slow up and we then found out 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. 

And I was a victim of that. I got nothing back and it was a big learning cur