On Monday’s SmartLess podcast, presented by actors Will Arnett, Jason Bateman, and Sean Hayes, American actor and musician Kevin Bacon discussed his experience as an investor in Bernie Madoff’s famous Ponzi scheme. While he couldn’t provide many specifics, Bacon said his family was able to get a “small portion of the money” back. Kevin Bacon and his wife Kyra Sedgwick have a combined net worth of $45 million as of April 2023.
Multiple news outlets have reported that Kevin Bacon and Kyra Sedgwick have lost millions of dollars as a result of the hoax, however, the exact amount is yet to be revealed. Bernie Madoff scammed hundreds of investors, including performer Footloose and his wife. Among other notable deaths are filmmaker Steven Spielberg, former Mets owner Fred Wilpon and baseball icon Sandy Koufax.
Kevin Bacon and his family have recovered “some” of their property.
Bacon and Sedgwick paid $2.5 million for a property in Los Feliz, a suburb of Los Angeles, in December 2011. According to public records, the couple also owns a sprawling country estate. 40 acres in Sharon, Connecticut, which they purchased in the 1990s, when as well as a spacious New York City apartment with views of Central Park.
Kevin Bacon made a jovial comment on the podcast:
“I believe people will be annoyed to hear me complain about money.”
He expressed gratitude for the health of his family and admitted that he was one of the luckier victims.
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He continued:
“We have come this far, our children are healthy and we are healthy too, you know? Let’s see what we have is amazing. […] There are many other people in a much worse situation than we are.”
Kevin Norwood Bacon, 64 years old, American actor, was once voted as one of the best actors in Hollywood. A Few Good Men (1992), Apollo 13 (1995), JFK (1991), Footloose (1984) and Mystic River (1984) are among his famous works (2003). He has received critical acclaim for playing anti-hero or darker parts in films such as Sleepers (1996) and The Woodsman (1998). (2004). He’s particularly well known for his role in the living room game “Six Degrees of Kevin Bacon.”
Bernie Madoff’s Ponzi scheme: The Biggest In American History
Bernard Lawrence “Bernie” Madoff ran the largest Ponzi scheme in history, defrauding thousands of investors with tens of billions of dollars over the course of 17 years. The Ponzi scheme attracted participants by promising constant returns using an investment method known as split strike conversion. On the other hand, Madoff puts the invested amount into a single bank account and uses it to repay existing customers.
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The story became public in 2008 when Bernie Madoff confessed to fraud to his son and was arrested. In 2009, Madoff was sentenced to 150 years in prison for defrauding investors of more than $65 billion. He died in 2021, at the age of 82, at a heavily guarded government facility in Butner, North Carolina. Bernie Madoff received an estimated $20 billion from the fund, which has over $50 billion in assets. The Madoff Victims Fund, according to its website, has reimbursed more than $4 billion to more than 40,000 victims of the scam.
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Categories: Biography