Kevin Bacon stated his household misplaced "most" of its cash to Bernie Madoff's Ponzi scheme.
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Actor Kevin Bacon spoke out about his household’s expertise dropping the majority of its cash when disgraced fraudster Bernie Madoff’s Ponzi scheme unraveled through the Nice Recession.
Bacon and his spouse, actress Kyra Sedgwick, misplaced an unspecified fortune within the now-deceased Madoff’s scheme, which ranks as the most important monetary fraud of its sort in US historical past.
Bacon detailed the incident throughout an look on Monday’s episode of the “SmartLess” podcast, hosted by fellow actors Will Arnett, Jason Bateman and Sean Hayes.
“We had most of our cash in Madoff,” Bacon stated. “There’s apparent life classes there – if one thing is just too good to be true, it’s too good to be true.”
“When one thing like that occurs, you take a look at one another and also you go, ‘effectively, that sucks and let’s roll up our sleeves and get to work.’ We’ve made it this far, our youngsters are wholesome, we’re wholesome, you realize? Let’s take a look at what we now have that’s good. We are able to nonetheless each work,” he added.
Bacon and Sedgwick haven't revealed how a lot cash they misplaced in Madoff’s Ponzi scheme, although numerous information stories have positioned the determine within the hundreds of thousands of dollars. To this point, the Madoff Sufferer Fund has returned greater than $4 billion to greater than 40,000 victims impacted by the scheme, in accordance to its web site.
“Actually, you get offended and stuff, however I've to say, there have been lots of people who had been a lot worse off than we had been – outdated individuals, individuals whose retirement funds had been utterly decimated. So there’s at all times going to be any person that’s going to have it so much worse than you,” Bacon added.
Bacon, who's finest recognized for his roles in traditional movies corresponding to “A Few Good Males” and “Footloose,” stated his household managed to recuperate “a portion of some a refund,” although he didn't present specifics.
“There’s the cash that you just put into one thing and there’s the cash that you just’ve, in concept, accrued with curiosity over years, however that’s not actual. That’s only a quantity that was on a chunk of paper,” Bacon stated.
“I feel individuals can be not blissful to listen to me whining about cash,” he added.
Bacon and Sedgwick had been simply two of a gaggle of many celebrities who had been snared in Madoff’s scheme. Different well-known victims included baseball legend Sandy Koufax, former Mets proprietor Fred Wilpon and director Steven Spielberg.
Bacon beforehand spoke about his expertise with Madoff in a 2017 interview with The Guardian.
“It was a foul day. However fairly rapidly we had been capable of see all of the issues we had versus no matter we misplaced, and people are the most important cliches: youngsters, well being, love, a pleasant dwelling. So we acquired by means of it collectively. I don’t take into consideration Madoff, like, in any respect, Bacon stated on the time.
In 2021, Madoff died in jail at age 82 whereas housed at a safe federal medical middle in Butner, NC. He was serving a 150-year sentence in connection to his numerous monetary crimes.
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