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 famed Ponzi scam. Although he could not provide many specifics, Bacon said that his family was able to recover “a fraction of the money.” Kevin Bacon and his wife Kyra Sedgwick have a combined net worth of $45 million as of April 2023.
Numerous news outlets have reported Kevin Bacon and Kyra Sedgwick lost millions of dollars as a consequence of the hoax, however, the precise sums have not been disclosed. Bernie Madoff conned hundreds of investors, including the Footloose performer and his wife. Among the other notable fatalities was filmmaker Steven Spielberg, former Mets owner Fred Wilpon, and baseball icon Sandy Koufax.
Kevin Bacon and his family have recouped “some” of their wealth.
Bacon and Sedgwick paid $2.5 million for a property in Los Feliz, a Los Angeles suburb, in December 2011. According to public records, the couple also owns a 40-acre rural property in Sharon, Connecticut, which they acquired in the 1990s, as well as a spacious apartment in New York City with a view of Central Park.
Kevin Bacon made a lighthearted remark on the podcast:
“I believe people will be annoyed to hear me complain about money.”
He expressed thanks for his family’s health and acknowledged that he was one of the more fortunate victims.
He went on:
“We’ve gotten this far, our children are healthy, and we’re healthy, you know? Let us take a look at what we have that is excellent. […] There were many others who had it far worse than we did.”
Kevin Norwood Bacon, 64, an American actor, has been voted one of Hollywood’s best performers. 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 praise for playing anti-hero or darker parts in films such as Sleepers (1996) and The Woodsman (1998). (2004). He is particularly well-known for his role in the parlor game “Six Degrees of Kevin Bacon.”
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Bernie Madoff’s Ponzi Scheme: The Biggest in American History
Bernard Lawrence “Bernie” Madoff ran the greatest Ponzi scam in history, cheating thousands of investors out of tens of billions of dollars over the course of 17 years. The Ponzi scam drew in participants by promising constant profits using an investing approach known as split-strike conversion. Madoff, on the other hand, put the investment cash into a single bank account and utilized it to reimburse current customers.
The narrative became public in 2008 when Bernie Madoff confessed to the scam to his son and was arrested. In 2009, Madoff was sentenced to 150 years in jail for scamming investors out of more than $65 billion. He died in 2021, at the age of 82, at a guarded government medical facility in Butner, North Carolina. Bernie Madoff received an estimated $20 billion from the fund, which had over $50 billion in assets. The Madoff Victim Fund, according to its website, has repaid more than $4 billion to more than 40,000 victims of the fraud.
