Kevin Bacon has revealed that he and wife Kyra Sedgwick lost "most" of their fortune after being duped by Bernie Madoff's Ponzi scheme.
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Speaking on Jason Bateman, Will Arnett and Sean Hayes' Smartless podcast, the Apollo 13 star shared that he and Kyra "had most of our money in Madoff". He confirmed that the pair, who married in 1988, had recuperated a "portion" of their funds back through the Madoff Victim Fund, but that they still hadn't recovered all of their losses.
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Speaking about the moment, Kevin mused: "There's obvious life lessons there –– if something is too good to be true, it's too good to be true."
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Bernie Madoff founded Bernard L. Madoff Investment Securities in the 1960s, but later admitted that he turned the company into a Ponzi scheme in the 1990s.
He was caught out in 2008, after he confessed to his sons, Mark and Andrew, the true nature of the business, and they went to the authorities.
A Ponzi scheme is a form of fraud where investors gain profits from what recent investors have paid while believing the money to be coming from more reputable means.
© Photo: Getty ImagesKevin revealed he and Kyra lost "most" of their money
Speaking about the impact that the scheme had on him, Kevin said: "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.
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"So there's always going to be somebody that's going to have it a lot worse than you."
He added: "When something like that happens, you look at each other and you go, 'Well, that sucks, and let's roll up our sleeves and get to work'. We've made it this far, our kids are healthy, we're healthy, you know? Let's look at what we have that's good. We can still both work."
© Photo: Getty ImagesBernie was sentenced to 150 years in jail for the scheme, before dying in 2021
Kevin is always more than happy to open up about his life, and recently shared with fans some songs that help calm him down.
He explained: "Today I'm playing: Sarah Maria by @jamestaylor_com, Comin' Back To Me by @jeffersonairplane, and I Will Follow You Into The Dark by @deathcabforcutie. Hope these help you sleep tight! Listen to my playlist at the link in my stories."
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Kyra clearly shares her husband’s music tastes, as she commented: "So great." Others were quick to reply to the post, with a horse sanctuary commenting: "You so sweet. Gonna play the list for our rescues."
A third person added: "You need an app called 'Sleeping with Bacon' all the chill songs, all night."
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