Kevin Bacon reveals he lost 'most' of his fortune in Ponzi scheme

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Kevin Bacon has revealed that he and wife Kyra Sedgwick lost "most" of their fortune after being duped by Bernie Madoff's Ponzi scheme.WOW: Kevin Bacon's barely-recognizable appearance makes fans do a double takeSpeaking 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.WATCH: Relive Kevin Bacon and Syra Sedgwick's love storySpeaking 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."MORE: Kevin Bacon dances in character as he marks end of City on a Hill season 3READ: Kevin Bacon shares emotional tribute to the cast and crew of his Showtime series City On A HillBernie 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.

Kevin revealed he and Kyra lost "most" of their moneySpeaking 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.MORE: Kevin Bacon shares video of endearing.