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American actor and musician Kevin Bacon opened up about his experience as an investor in Bernie Madoff's infamous Ponzi scheme on Monday's SmartLess podcast, hosted by actors Will Arnett, Jason Bateman, and Sean Hayes.
Although he did not disclose too many details, Bacon claimed that his family was able to get "a portion of some money back." Kevin Bacon currently has a combined net worth of $45 million with his wife Kyra Sedgwick.
Numerous news reports have stated that Bacon and Kyra Sedgwick lost millions of dollars as a result of the scam, although they have not revealed the exact figures.
The Footloose actor and his wife were among thousands of investors who were defrauded by Bernie Madoff. Other well-known victims included director Steven Spielberg, former Mets owner Fred Wilpon, and baseball legend Sandy Koufax.
Kevin Bacon and his family have recovered a "portion" of their fortune
Bacon and Sedgwick spent $2.5 million in December 2011 to purchase a home in Los Feliz, a Los Angeles neighborhood. The duo also owns a 40-acre rural property in Sharon, Connecticut, which they purchased in the 1990s, and a large apartment in New York City, with a view of Central Park, according to public records.
On the podcast, Kevin Bacon jokingly commented:
"I think people will be, not happy to hear me whining about money."
He was grateful for his family's health and noted that he was among the luckier victims.
He continued:
"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. [...] there were a lot of people who were much worse off than we were."
American actor Kevin Norwood Bacon, 64, has been named one of the greatest actors in Hollywood.
Some of his notable works include A Few Good Men (1992), Apollo 13 (1995), JFK (1991), Footloose (1984), and Mystic River (2003). He has been recognized for taking on anti-hero or darker roles in films such as Sleepers (1996) and The Woodsman (2004).
He is also popular for the parlor game, "Six Degrees of Kevin Bacon."
Bernie Madoff’s Ponzi Scheme: Largest of its kind in American history
Bernard Lawrence "Bernie" Madoff was the money manager behind the largest Ponzi scheme in history, defrauding thousands of investors out of tens of billions of dollars over 17 years.
The Ponzi scheme attracted investors by claiming consistent returns through an investment strategy known as split-strike conversion. Madoff, however, deposited the investment funds into a single bank account and used it for existing clients who wanted payment.
The story went public in 2008 when Bernie Madoff revealed the scheme to his son and was turned over to authorities.
Madoff was sentenced to 150 years in prison in 2009 for defrauding investors out of over $65 billion. He died in 2021, at the age of 82, while being held at a secure federal medical facility in Butner, North Carolina.
The fund, which had over $50 billion in investments, only netted Bernie Madoff an estimated $20 billion.
According to its website, the Madoff Victim Fund has returned more than $4 billion to more than 40,000 victims of the scheme.
