Actor Kevin Bacon says he and his wife Kyra Sedgwick have recovered some, but not all, of the money they lost in Bernie Madoff’s $50 billion Ponzi scheme.
Bacon broke his silence about being fleeced by Madoff on the ‘Smartless’ podcast on Monday.
The actor has previously mentioned falling victim of the scheme by describing it as a ‘bad day’, but admitted to hosts Jason Bateman, Sean Hayes and Will Arnett that he had managed to claw back some of the money lost.
It’s unclear how much exactly he had invested with Madoff, but it’s been reported to be in the ‘millions’.
“I think people will be, not happy to hear me whining about money,” he said.
Kyra Sedgwick and Kevin Bacon were defrauded out of millions by Bernie Madoff
Bacon said during a recent episode of the ‘Smartless’ podcast that they had ‘most’ of their money in Madoff before the news of the Ponzi scheme broke
Despite losing a huge chunk of their wealth, Bacon says he doesn’t like to sound like he’s complaining because ‘the real victims’ are the elderly and those who didn’t know they were caught up in Madoff’s scheme
When the hosts addressed the subject, they gave the ‘They/Them’ actor an option to opt out of speaking about it if he wasn’t comfortable.
This is one of the first times that the actor has talked at length about the major financial loss since the news of the scheme broke more than 14 years ago.
‘Yeah, there’s obvious life lessons there. You know, if something is too good to be true, it’s too good to be true,’ Bacon said about being part of the scheme.
The actor previously described the experience as a ‘bad day’ in his life.
Despite the large sum the couple lost – the exact number is unknown but estimated to be as much as $100 million – Bacon said that he and Sedgwick did not let it stop them from moving on and bouncing back.
‘And when something like that happens, you know, you look at each other, then you go, “Well, that sucks. Let’s roll up our sleeves and get to work, you know?”‘ the actor said during the podcast.
Bacon said that he and Sedgwick, who have been married since 1988, have been able to recoup some of the money lost in the infamous Ponzi scheme
The ‘They/Them’ actor tried not to let the loss define them after losing estimated millions, bouncing back with a ‘roll up our sleeves’ attitude
One estimate indicated that Sedgwick and Bacon lost $100 million in Madoff’s Ponzi scheme
In an interview with The Guardian back in 2017, the ‘Footloose’ actor spoke about what he said at the time was a horrible experience.
Although he did not provide too much insight, he did say that the real victims of Madoff’s actions were the elderly, and those who lost their entire retirement funds.
‘You know, old people, people whose retirement funds were completely, you know, decimated. So there’s always gonna be somebody that’s gonna have it a lot worse than you,’ Bacon said.
The ‘X-Men Days of Future Past’ villain said he and Sedgwick had ‘most’ of their money in the scheme, but that they tried desperately not to let it rule their lives.
“You know, whatever the cliches all… work, ‘whatever doesn’t kill you makes you stronger’ and we just rolled up our sleeves,” Bacon said.
‘We’ve made it this far. Our children are healthy. We’re healthy. You know, let’s look at … what we have that’s good. We can still both work and, yeah, I mean certainly, you know, you get angry and stuff, but I have to say that, you know, that dude — there were a lot of people who were much worse off than we were, he stated.
Bacon has only talked about the financial loss a few times over the years, including in a 2017 interview with The Guardian in which he described the period in his life as a ‘bad day’
It was then that Arnett asked if they had gotten their money back in the more than 13 years since the news of the scandal broke.
Bacon said that they did get some of their money back, but that it wasn’t nearly as much as how much they lost.
Even with the reason to have a chip on his shoulder, Bacon continued, saying that he doesn’t like to complain about it.
“I think people will be, not happy to hear me whining about money,” he concluded.
The 80s icon has remained consistent in his sentiments since the 2017 interview with the Guardian.
‘We were able to see all the things we had as opposed to whatever we lost, and those are the biggest cliches: children, health, love, a nice home. So we got through it together. I don’t think about Madoff, like, at all,’ Bacon stated.
‘Let me also say, I think there’s a good cautionary tale there, to be cognizant of what’s happening with your money,’ the actor said in 2017.
Madoff, who died in 2021, was sentenced in 2009 to 150 years in prison for defrauding investors out of more than $65 billion.
Madoff was a well respected Wall Street financier before it came out that he had defrauded more than $65 million from thousands of investors
According to Insider, roughly $3.2 billion that was stolen had been returned to investors involved in the scheme as of 2020.
Madoff only made an estimated $20 billion from the scheme, despite having taken more than $50 billion from investors.
A list of those who lost money was later published by The Wall Street Journal and can be found here.
The scheme remains the largest of its kind in American history.
R. Allen Stanford, the man who holds the number two spot for biggest Ponzi schemes in the United States, stole $7 billion, just 35 percent of what Madoff got away with.