Kevin Bacon Says Shedding Cash in Bernie Madoff’s Ponzi Scheme ‘Sucked’

Actor Kevin Bacon says he is not jaded after shedding cash in former financier Bernie Madoff’s Ponzi scheme, however it nonetheless stings all these years later.

Bacon mentioned the incident throughout a current interview with Esquire, practically 20 years after Madoff’s legal operation crumbled.

Madoff, founding father of an eponymous Wall Avenue agency, obtained a 150-year jail sentence in 2009 for main “historical past’s largest Ponzi scheme,” in accordance with the FBI.

Authorities arrested Madoff in December 2008 for securities fraud amounting to $64 billion. In 2021, Madoff died in federal jail at age 82.

Bacon and his spouse, Kyra Sedgwick, have been amongst these Madoff defrauded. It is unclear how a lot cash the couple misplaced, however Bacon informed the “SmartLess” podcast in 2022 that they saved “most” of their cash with Madoff.

Throughout his interview with Esquire, Bacon stated the reminiscence of Madoff nonetheless lingers practically 20 years later.

“I am going to this health club. It has a number of machines and solely a handful of individuals there at any given time. There is not any showers, it’s extremely naked bones. However there is a leg press machine. A leg press will be brutal. You are in your again, and you are going like this,” Bacon stated. “The machine is true subsequent to a window, and after I look out that window, I am trying proper on the constructing the place Madoff was.”

Bacon stated the view of Madoff’s outdated constructing is motivational.

“I am in excruciating ache, doing the leg press, staring out that window. It is good, in a humorous method, as a result of I additionally should assume, ‘I can get via this.’ And that is how we felt about Madoff,” Bacon stated. “It sucked, and we have been definitely indignant and all of the issues. However then we awakened the subsequent day and stated, ‘What can we obtained? We love one another. We love our youngsters. We’re wholesome. Nobody took away our means to make a dwelling.’ So we obtained again to work.”

These affected by the Ponzi scheme have obtained compensation via the Madoff Sufferer Fund. In December 2024, the Justice Division stated the Madoff Sufferer Fund had paid $131.4 million, a fraction of what was misplaced, to about 23,400 victims.

Representatives for Kevin Bacon didn’t instantly reply to Enterprise Insider.