Kevin Bacon confessed that at one point he and his wife Kyra Sedgwick “had most of our money in [Bernie] Madoff.”
, during which he confessed that at one point they “had most of our money in [Bernie] Madoff.” Madoff is considered to be the perpetrator of the largest Ponzi scheme in history, taking around $64.8 billion of his victims' money. Bacon revealed that he and Sedgwick got a “portion” of their losses returned to them following Madoff's trial, but that they still lost a very sizable sum.
Madoff was arrested in December 2008 on allegations that his company, Bernard L. Madoff Investment Securities, had stolen billions of dollars from individuals, businesses, and charities. Following the disgraced financier's sentencing, the Madoff Victim Fund was established in an attempt to restore some of those lost assets to all those impacted. To date, 40,454 victims have received payouts and assistance in excess of $4.078 billion.
Bacon told the podcast hosts of the experience, “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.” The actor said that he and his wife just chose to focus on their family and all the positive things they still had in their life instead of this financial loss.
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