NEWSKevin Bacon Victim of $50 Billion Ponzi Scheme
Dec. 30 2008, Published 9:30 a.m. ET
Kevin Bacon and wife Kyra Sedgwick are the latest Hollywood heavyweights to find themselves the butt of former Wall Street financier Bernie Madoff's $50 billion joke Ponzi scheme.
On Tuesday, Bacon's rep confirmed to New York Magazine that the actor and his wife lost money in Madoff's scam, saying, "Unfortunately your report is true. I can confirm that they had investments with Mr. Madoff."
According to the Washington Post, Madoff reportedly told his sons before his arrest this month of his multi-billion dollar scheme. Following the playbook written more than 80 years ago by Charles Ponzi, who used money from new investors to pay juicy returns to old investors.
- Michael Jackson's Biggest Scandals: From Child Sexual Abuse Allegations to Baby Balcony Incident and More
- What's Going on With Noah Beck's Sister Haley? Inside the Grooming and Sexual Abuse Allegations Amid the Investigation
- Katy Perry's Biggest Scandals Explored: From Ruby Rose's Sexual Assault Allegations to Mom-Shaming and More
Want OK! each day? Sign up here!
Steven Speilberg's Wunderkinder Foundation was also hit, and DreamWork's Jeffrey Katzenberg has lost "millions", reports the Wall Street Journal.
