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.
- Telling All: Ghislaine Maxwell 'Hated' Jeffrey Epstein, Ex-Staffer Claims
- Revealed: Jeffrey Epstein’s Last Financial Transactions — $13M To Muzzle Victims, $3M Mansion For Lawyer’s Wife, $7M To Law Firms & $800K In Suspicious Cash Withdrawals
- Jeffrey Epstein's Executors Can't Access His Fortune, Refuse To Reveal Transactions
Steven Speilberg's Wunderkinder Foundation was also hit, and DreamWork's Jeffrey Katzenberg has lost "millions", reports the Wall Street Journal.