Kevin Bacon and his wife Kyra Sedgwick have lost money in fraudulent money manager Bernie Madoff’s $50 billion Ponzi scheme. “I can confirm that they had investments with Mr. Madoff – no further specifics or comment beyond that,” Bacon’s representative, Allen Eichorn, told New York Magazine Tuesday. Earlier reports stated that the couple had lost almost everything they owned in the scheme, but Eichorn denies that, saying, “Please, let’s not speculate or rely on hearsay.” A Ponzi scheme is a swindle offering unusually high returns, with early investors paid off with money from later investors. Madoff was arrested December 11th. Private citizens, companies and charities have all lost huge amounts of money to Madoff, including other Hollywood elite such as Steven Spielberg‘s Wunderkinder Foundation and DreamWorks’ Jeffrey Katzenberg, who lost “millions,” according to the Wall Street Journal.