Kevin Bacon Explains How It Felt After Losing Money To Bernie Madoff's Ponzi Scheme

Kevin Bacon shared his experience after losing "most" of his money in Bernie Madoff's Ponzi scheme, which was an investment scandal that came to light in 2008.

"We had most of our money in Madoff," the 64-year-old actor admitted as he spoke about the scandal on the "SmartLess" podcast. The actor appeared on the podcast with his wife, actress Kyra Sedgwick.

Bacon explained that this fraud made him learn a lesson that "if something is too good to be true, it's too good to be true." While the couple didn't reveal the exact amount that they lost in this fraud, various outlets reported that they have lost millions of dollars.

This fraud is known to be the biggest Ponzi scheme to date as the total amount estimated was around $65 billion, ETOnline reported. Madoff Victim Fund is helping to recover the loss of the victims and according to their official website, over 40,450 victims have received more than $4 billion.

Considering the fraud, Madoff was serving a 150-year sentence in the prison after pleading guilty in 2009, until his death in prison at the age of 82 in 2021.

Bacon also disclosed during the podcast that they recovered "a portion" of their money.

"Certainly, you get angry and stuff, but I have to say, there were a lot of people who were much worse off than we were – old people, people whose retirement funds were completely decimated," the actor added. "So there's always going to be somebody that's going to have it a lot worse than you."

The actor explained "when something like this happens, you look at each other and you go, 'Well, that sucks and let's roll up our sleeves and get to work.'"

Despite a major financial setback, Bacon further explained how they have managed to keep their kids and themselves healthy. Bacon shares two kids - Sosie, 30 and Travis, 33 - with his wife Sedgwick. The couple got married in 1988.

Bacon's upcoming projects include "The Toxic Avenger," "Leave the World Behind" and "Beverly Hills Cop: Axel Foley." Sedgwick, on the other hand, was last seen in the TV series "The Summer I Turned Pretty," which was dropped on Amazon Prime Video in June.