It is now being reported that a several celebrities were caught out by the massive Bernard Madoff fraud. Kevin Bacon and his other half Kyra Sedgwick are amongst the Hollywood Insiders who fell foul of this Ponzi style swindle.The spokesperson for Kevin and Kyra admitted that they did have investments with Madoff but declined to say how much this amounted to.
Also named as losers were Steven Spielberg, Eric Roth and Jeffrey Katzenberg. They obviously didn't follow the age old advice that, if something sounds too good to be true then it probably is. Of course, the fact is, that people get greedy and that's why they get taken in.
For information on Ponzi Schemes, how they operate and what to look out for go to The World Of Ponzi Schemes.
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