Actor Kevin Bacon is speaking out after his family fell victim to the infamous Bernie Madoff Ponzi scheme of 2008.
Bacon, known for his roles in “Footloose” and “A Few Good Men,” appeared on Monday’s episode of the “SmartLess” podcast and detailed how he and wife Kyra Sedgwick lost an undisclosed fortune.
The podcast is hosted by fellow actors Will Arnett, Jason Bateman and Sean Hayes.
“We had most of our money in Madoff,” Bacon shared with the hosts. “There’s obvious life lessons there. If something is too good to be true, it’s too good to be true.
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“When something like that happens, you look at each other and you go, ‘Well, that sucks and let’s roll up our sleeves and get to work.’ We’ve made it this far, our kids are healthy, we’re healthy, you know? Let’s look at what we have that’s good. We can still both work.”
Bacon has not publicly shared how much money his family lost in the Ponzi scheme, but he did share that they managed to recover “a portion of some money back” without sharing a specific amount.
“Certainly, you get angry and stuff, but I have to say, there were a lot of people who were much worse off than we were – old people, people whose retirement funds were completely decimated. So there’s always going to be somebody that’s going to have it a lot worse than you,” Bacon shared.
“I think people will be not happy to hear me whining about money.”
The “Footloose” star and his wife were just two celebrities who suffered a huge financial loss in Madoff’s scheme. According to the Madoff Victim Fund’s website, the organization has returned more than $4 billion to more than 40,000 victims impacted by the scheme.
Other noteworthy victims include baseball icon Sandy Koufax, former New York Mets owner Fred Wilpon and director Steven Spielberg.
In 2017, Bacon spoke to The Guardian about the Ponzi scheme.
“It was a bad day. But pretty quickly we were able to see all the things we had as opposed to whatever we lost, and those are the biggest cliches: children, health, love, a nice home. So we got through it together. I don’t think about Madoff, like, at all,” he said at the time.
In 2021, Madoff died in prison at 82. He was serving a 150-year sentence for his involvement in the financial crimes. His multibillion-dollar scheme is widely considered one of the largest financial frauds in history.
On March 12, 2009, Madoff pleaded guilty to 11 federal felonies, including theft, perjury, securities fraud, wire fraud, mail fraud, money laundering, making false statements and submitting fake filings to the Securities and Exchange Commission. He admitted to swindling thousands of clients — both high-profile and those of lesser means — over decades. He was accused of taking $17 billion from clients.
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