Kevin Bacon Loses $50 Million In Wall Street Scandal

December 31, 2008 By:
Kevin Bacon Loses $50 Million In Wall Street Scandal

By now, everyone has heard about the bogus Wall Street scandal that former NASDAQ Chairman Bernard Madoff orchestrated.

He was caught after many of the people who invested money with him asked for it back due to the economic crisis. Many people fell victim to the Ponzi scheme, including celebrities.

It’s just been confirmed that Kevin Bacon and wife Kyra Sedgwick are among these people. And this is no pocket change we’re talking about. They’ve reportedly lost $50 million.

Their rep Allen Eichorn said in a statement to New York Magazine, “Unfortunately, your report is true. I can confirm that they had investments with Mr. Madoff — no further specifics or comment beyond that. Please, let’s not speculate or rely on hearsay.”

Kevin and Kyra aren’t the only celebrity victims to the Ponzi scheme. Steven Spielberg, his DreamWorks Animation SKG partner Jeffrey Katzenberg, and Uma Thurman's fiance, hedge-fund tycoon Arpad Busson, are on the list of high-profile investors who reportedly lost hundreds of millions of dollars.

So sad! But at least Kevin is still working and Kyra has her hit show The Closer to fall back on!