Bernie Madoff Scheme Hits Hollywood Hard

In case you haven’t heard, Bernie Madoff has ripped off a lot of people with a Ponzi scheme. It is estimated that approximately $50 billion dollars were lost by investors – making this the biggest investor fraud in history.

It seems that even Hollywood celebrities were hit hard by Madoff. Kevin Bacon and wife Kyra Sedgwick confirmed through their rep Allen Eichom that they too had investments with Madoff. Rumors were that the couple lost everything except what money was in their checking accounts and the land they own, but Eichom called that hearsay. However, Bacon was quoted in Life & Style magazine as saying “I don’t have anything lined up right now, but I need to work, for obvious reasons.”

(This image, by SAGIndie, is licensed under Creative Commons Attribution 2.0 License)

I just read that 91 year old Zsa Zsa Gabor’s husband, Prince Frederic von Anhalt, said that the actress has been hit hard by Madoff’s scandal. He said the couple may be forced to sell their Bel Air home as well as cars, artwork, and jewelry because of the scam artist. It is estimated that Gabor’s losses with Madoff may total as much as $4.5 million dollars.

Who else has been hard hit by the scheme? The Wall Street Journal is reporting that Dreamworks’ chief executive officer Jeffrey Katzenberg lost millions. Eric Roth, who was just nominated for a Best Adapted Screenplay Oscar for “The Curious Case of Benjamin Button,” lost all his retirement money. Steven Spielberg’s Wunderkind Foundation also lost money.

The New York Post is reporting that talk show host Larry King lost more than $1 million because of Madoff. Uma Thurman‘s fiance, Arpad Busson, lost through investments with Madoff as did the New York Mets owner Fred Wilpon and Norman Braman, the owner of the Philadelphia Eagles.

Madoff was arrested on December 11, 2008 and was charged with securities fraud. He reportedly confessed that his business was a scheme to his sons, who then turned him in to the FBI.