Actor Kevin Bacon has spoken out about the financial loss he and his wife, actress Kyra Sedgwick, suffered after investing with infamous fraudster Bernie Madoff.
In a recent interview, Bacon recalled the moment he learned that they had lost most of their savings due to Madoff’s massive Ponzi scheme. “It was a rough day,” he said. “We had trusted the wrong person, like so many others.”
Bacon and Sedgwick were among the many celebrities, investors, and foundations who were affected when Madoff’s decades-long scam came to light in 2008. Though they lost a significant amount, Bacon emphasized that they were still far more fortunate than others who were completely wiped out. “We’re both actors. We had jobs, we had each other, and we could move on,” he said.
Madoff was arrested in 2008 and later sentenced to 150 years in prison for orchestrating one of the largest financial frauds in history, which cost victims an estimated $65 billion.
Despite the financial hit, Bacon says he learned valuable lessons from the experience. “You can’t let money define your life. What matters is your health, your family, and your values,” he explained.
