Actor Kevin Bacon reminded followers this week that celebrities make monetary errors, too, after detailing how he misplaced a bit of his fortune to Bernie Madoff’s notorious Ponzi scheme.
Whereas talking on Monday’s episode of the “SmartLess” podcast, Bacon dove into the nice loss that he and his spouse, Kyra Sedgwick, suffered to one of many largest monetary fraud scams in U.S. historical past.
“We had most of our cash in Madoff,” Bacon stated to hosts Will Arnett, Jason Bateman, and Sean Hayes. “There’s apparent life classes there – if one thing is simply too good to be true, it is too good to be true.”
We sizzle up some @KevinBacon on this week’s ep of our little pea pod. That is #SmartLess. @SmartLess @SeanHayes @batemanjason @arnettwill
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— “SmartLess” (@SmartLess) October 10, 2022
Though Bacon did not reveal an actual determine, he stated his household was in a position to get better “a portion of some a reimbursement.”
The Madoff Sufferer Fund has returned greater than $4 billion to over 40,000 victims who misplaced cash to the disgraced businessman, in keeping with its website. Madoff, who died in 2021, was sentenced to 150 years in federal jail on a wide range of monetary costs.
Regardless of claiming he misplaced some huge cash, Bacon and his spouse have a reported internet price of $45 million, in keeping with CelebrityNetWorth.com.
“I feel individuals might be not pleased to listen to me whining about cash,” Bacon stated on the podcast. “Actually, you get indignant and stuff, however I’ve to say, there have been lots of people who have been a lot worse off than we have been – previous individuals, individuals whose retirement funds have been fully decimated. So there’s all the time going to be someone that is going to have it quite a bit worse than you.”
This is not the primary time Bacon admitted he suffered by the hands of Madoff. Following experiences that the actor’s household misplaced “hundreds of thousands” to the scheme in 2009, he stated he did not wish to distract from the “actual victims” whereas talking to The Guardian in 2017. “I feel there is a good cautionary story there, to be cognizant of what is taking place together with your cash,” he added on the time.
Along with Bacon, a number of different Hollywood celebrities misplaced huge to Madoff’s scheme, together with director Steven Spielberg, actor John Malkovitch and producer Jeffrey Katzenberg.
Supply: Entrepreneur