The 'A Few Good Men' actor reveals he and wife Kyra Sedgewick lost most of their fortune in Bernie Madoff's scheme but they have managed to regain a portion of it.
- Oct 12, 2022
AceShowbiz - Kevin Bacon has gotten back a "portion" of his losses from Bernie Madoff's Ponzi scheme after the 64-year-old actor lost "most" of his fortune in the scheme. A New report claims the Madoff Victim Fund has paid $4.078 billion to 40,454 victims so far through the Madoff Victim Fund.
Kevin revealed he and his wife Kyra Sedgewick "had most of our money in Madoff" when appearing on the "Smartless" podcast. He added, "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."
Madoff was arrested in December 2008 after allegations his company - Bernard L. Madoff Investment Securities - swindled billions of dollars from charities, businesses, and individuals. The "A Few Good Men" star admitted he has learned some "obvious life lessons," namely "if something is too good to be true, it's too good to be true."
He said, "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."
Kevin - who has never revealed exactly how much he and Kyra lost in the scheme - acknowledged people might not like to hear him complaining about his finances. He continued, "There's the money that you put into something and there's the money that you've, in theory, accrued with interest over years, but that's not real."
"That's just a number that was on a piece of paper... I think people will be not happy to hear me whining about money."
Disgraced financier Madoff died aged 82 in April 2021 while serving his 150-year sentence.
