AN "idiot" millionaire lost a £40,000 Rolex while tombstoning - but replaced it hours later as he "can't afford to look poor for a second".
Entrepreneur Fred Frost was out on a yacht during a business trip to Positano in Italy last August when he scrambled up a cliff and jumped into the waters below while wearing his Rolex Sky-Dweller.
After plummeting 30ft into the water, the catch on his watch sprang open and the timepiece slipped off his wrist into the ocean below.
The 27-year-old sheepishly asked a nearby fisherman how deep the water was.
But after learning it was 82ft to the seabed, he conceded it was "gone forever".
Late Pope lies in state at Vatican as thousands queue to pay respects
Keeping schtum to his rich pals Fred, owner of leading forex market trading company Fred Trading, put an order in for an identical watch so people wouldn't realise what an "idiot" he'd been.
The luxury wristwatch is part of the £500,000 collection he uses as his calling card to attract wealthy "like-minded connections" - as other collectors "are probably not working as plumbers or handymen".
Fred, who lives in Dubai, United Arab Emirates, said: "When I lost my watch it was like in Titanic when the expensive necklace went to the bottom of the ocean.
"I was looking down at the water and saw the watch sink slowly, I thought 'yeah that's lost to the sea now'.
"It didn't bother me that much because I made half a million dollars that month.
"I went home and bought an identical one so nobody would notice and also because I looked like an idiot dropping a £40,000 watch in the sea.
"In Dubai if you want to get the interest of other people who are entrepreneurs and make a lot of money you need to show that you're also that kind of person.
"So going out with a watch that's super, super expensive to events means that people can recognise each other and it brings in a lot of new connections with like-minded people.
"It signals to other rich people 'I have money, let's do business'.
"It's very easy to spot like-minded people with the watches because if somebody wears a £200,000 watch they're probably not working as a plumber or a handyman somewhere."
Shocking moment tiger mauls circus tamer in front of horrified families at show
Fred, who's amassed a £7million fortune through trading and his trading training company, started his career in the military before moving into the finance industry.
The business owner, who also owns a £220,000 Patek Philippe watch, said: "I came out of high school and I didn't know what to do with my life, I joined the army before going into the navy.
"I definitely learned consistency, discipline and leadership - all things you need in business."
After completing a degree in financial management, Fred became a private banker before moving into day trading.
Fred, originally from Copenhagen, Denmark, before he moved to Dubai, said: "I'd been trading for seven years but I set up Fred Trading four years ago because I joined some trading groups back then and it was bad, there was nobody really helping people.
"Since then I've helped more than 20,000 people make money online and quit their jobs.
"Now people are travelling the world, working remotely and people are super grateful, that's what drives me now."
Fred, who went from needing his student loan to afford food to becoming a millionaire, says he now owns two supercars, a Harley-Davidson, and an ocean-view apartment.
Fred said: "I come from a mediocre family, I'm not complaining we were poor but we never had that much money.
"I wanted to help my family out, which is why I changed path - I wanted to make more money and retire my parents and help my grandparents because they always helped me.
"I went from taking a student loan in Denmark to pay for my food because I was so broke to now living in the best building in Dubai Marina with an ocean view.
"I have three vehicles - a Chevrolet Corvette, Porsche 911 and a Harley-Davidson, a watch collection worth half a million dollars and I'm sending money to my parents and grandparents.
"I had no idea I could make that much money so quickly, I just had a normal mindset, it sounds crazy to make half a million a month.
"I'm just a normal person, I come from a little city in Denmark out on the coast where everybody's an electrician or a plumber.
"I never ever thought that I was meant to make this much money, but if I can do it, anybody can."
