Movies

A-list Actor Bleeds Millions After Falling Victim to Bernie Madoff Scam

BBG News

In simpler terms, Kevin Bacon is speaking openly about how the Bernie Madoff scam affected him and his wife, Kyra Sedgwick.

For quite a while, this pair who had been together for some time found themselves financially devastated when they became part of the group swindled by Bernard L. Madoff through his Investment Securities firm, a fraud that is believed to have totaled approximately $64.8 billion.

In a recent chat with Esquire, the renowned actor admitted that it was a tough time when the news surfaced in 2008. However, he and Sedgwick decided to concentrate on the positive aspects of their lives rather than dwelling on their losses.

In essence, there isn’t a lot more to add about this matter. If something appears excessively beneficial, then it’s likely that it is indeed too good to be true, as pointed out by Bacon at the age of 66.

‘It sucked, and we were certainly angry and all the things,’ he said of their initial feelings. 

However, when we awoke the following day, we reflected, “What do we have? We cherish each other. We adore our kids. We are in good health. Nothing has been taken from us that allows us to earn a living.” Therefore, we returned to our pursuits.

Originating from Philadelphia, Pennsylvania, this individual emphasized that despite losing a significant portion of their wealth due to Madoff’s fraud, he and his wife managed to stay unaffected by bitterness or cynicism about the situation, as he shared in an interview with Business Insider in 2022.

He advises them to be more cautious in the time ahead, but not to become weary or cynical.

In a candid moment, the actor famous for Footloose shared that the bitter aftertaste of the Madoff scandal serves as a powerful motivator for him, helping him endure even the most challenging workouts, particularly during his gym sessions.

As it happens, the gym he frequents in New York City is actually located directly opposite the building where Madoff previously worked.

Whenever I find myself settling onto the leg press machine, it’s strategically placed by a window, offering a constant reminder of the ordeal that lies beyond.

As a lifestyle expert, I find myself in an unusual predicament while pushing through a grueling leg press session. Gazing out the window, I can’t help but appreciate the irony of my situation – it’s almost comical, really – because, much like this intense exercise, enduring challenges and finding the strength to push forward is something we all must do in life.

This experience brings to mind the infamous Madoff case; as individuals, we too have faced our own ‘Madoffs’ – difficult situations that test our resilience and faith. And just as I am determined to complete my workout, so too were we compelled to persevere in the face of adversity.

Previously, during an interview with GQ in 2015, Bacon acknowledged that numerous individuals experienced far more severe financial blows compared to him and Sedgwick, who have been married since 1988.

Following his conviction, Madoff was given a sentence of 150 years in prison in the year 2009, after deceiving countless investors by misusing their investment funds across several years.

The victims are said to have received a compensation of approximately $4.3 billion, representing only a tiny portion of the staggering $65 billion that was allegedly embezzled, making it one of the biggest known Ponzi schemes ever uncovered.

In the end, the convicted financier passed away at a federal medical facility in North Carolina at the age of 82 in April 2021, following a string of health issues.

At the moment, Bacon is busy publicizing his fresh Amazon Prime Video show titled “The Bondsman,” which aired its first episode on April 3.

In simpler terms, the action-horror series produced by Grainger David follows the tale of a woodsman bounty hunter who is resurrected for an unexpected reprise on life, affection, and a previously overlooked music career. However, upon his return, he discovers that his previous occupation has taken on a terrifying supernatural turn. (According to Wikipedia)

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2025-04-06 06:48

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