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.
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Steven Speilberg's Wunderkinder Foundation was also hit, and DreamWork's Jeffrey Katzenberg has lost "millions", reports the Wall Street Journal.
