Kevin Bacon a Madoff victim

kevin bacon and kyra sedgwickKevin 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.

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Comments & Discussion

  1. Nancy • December 31, 2008 @ 2:26 PM

    Well, I really don’t believe that Kyra or Kevin are stupid enough to invest “almost everything” in this or any other venture!! But, stranger things have happened so, it’s possible….they just each need to go do a movie and they will be fine!

  2. tributegirl • December 31, 2008 @ 3:34 PM

    I can’t see them investing everything, but then these scam artists are very persuasive.

  3. Anonymous • December 31, 2008 @ 11:16 PM

    they’ll be fine

  4. jane • January 4, 2009 @ 5:20 PM

    Amazing how rich people never seem to be able to say ‘no’ to the possibility of more money, no matter how risky the investment! I mean, I understand the temptation for somebody who never had money to take a stupid chance, but…is it never enough?!!! Really, how much money does a person need before they stop being greedy?

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