Kevin Bacon lost 'most' of his money in Bernie Madoff's Ponzi scheme

Kevin Bacon has recalled losing "most" of his wealth in Bernie Madoff's Ponzi scheme.

While speaking on the latest episode of the Smartless podcast hosted by Jason Bateman, Sean Hayes, and Will Arnett, the Footloose star recounted losing the funds he invested in an arrangement orchestrated by fraudster Madoff.

Madoff's Ponzi scheme was the largest in history, with celebrity victims including John Malkovich, Steven Spielberg, and many others. Madoff died at the age of 82 last year.

During the interview, Kevin revealed that he and his wife Kyra Sedgwick invested "most" of their money in the scheme before evidence of fraud was discovered.

"There's obvious life lessons there. You know, if something is too good to be true, it's too good to be true," the actor shared. "When something like that happens, you know, you look at each other, then you go, 'Well, that sucks. Let's roll up our sleeves and get to work,' you know?"

While acknowledging his financial loss, Kevin also expressed gratitude that he wasn't ruined by the scheme.

"We've made it this far. Our kids are healthy. We're healthy," the 64-year-old continued. "We can still both work and certainly, you get angry and stuff, but I have to say that there were a lot of people who were much worse off than we were... Old people, people whose retirement funds were completely decimated.

"So, there's always gonna be somebody that's gonna have it a lot worse than you."

Kevin concluded with advice for anyone getting out of a similar situation: "Whatever the cliché is... Whatever doesn't kill you makes you stronger."