​Kevin Bacon Recovers From Madoff

Author: Rob AdamsBy:
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June 1, 2011

Kevin Bacon – Actor Kevin Bacon lost a fortune to the Ponzi scheme of Bernie Madoff. However, he was one of the rare few who was able to recover. The 52-year-old actor and his wife Kyra Sedgwick were among the victims of the biggest financial scam in the history of the United States.

In March 2009, Madoff pleaded guilty to 11 federal felonies and admitted to turning his wealth management business into a massive Ponzi scheme that defrauded thousands of investors of billions of dollars. Madoff said he began the Ponzi scheme in the early 1990s.

However, federal investigators believe the fraud began as early as the 1970s, and those charged with recovering the missing money believe the investment operation may never have been legitimate. The amount missing from client accounts, including fabricated gains, was almost $65 billion. The court-appointed trustee estimated actual losses to investors of $18 billion. On June 29, 2009, he was sentenced to 150 years in prison, the maximum allowed.

Madoff is currently serving a 150-year jail term for duping people out of a fortune of nearly $50 billion. It is not known precisely how much Bacon and his wife lost in the scheme but he recently told Howard Stern on Sirius XM that it was “a lot of money.” He said that, “It’s fine. So you have a moment where you go, ‘Holy (expletive), that was many, many years of work just went away in a poof of smoke… We’re looking at each other, we got a nice apartment, our kids are healthy.”

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