Madoff Victims: A Global Reach

Bernie Madoff, a former American investor and fraudster, orchestrated the largest Ponzi scheme in history, defrauding investors of an estimated $17.5 billion, or as much as $65 billion including fabricated gains. Madoff's scheme, which was uncovered in 2008, affected thousands of people, including notable figures in business, media, and everyday people. The number of victims is estimated to be 37,000, and they ranged from celebrities to hardworking individuals and nonprofit charities.

Kevin Bacon and Kyra Sedgwick lost millions

Bernie Madoff, a well-known Wall Street investment advisor, is famous for operating the largest Ponzi scheme in history. He defrauded clients out of almost $65 billion and was sentenced to 150 years in prison in 2009.

Among his 37,000 victims were Kevin Bacon and his wife, Kyra Sedgwick. The couple, who have been married for over 30 years, lost millions of dollars in the scheme. They had "most of [their] money" with Madoff, and while they did receive a portion of their losses back through a lawsuit, they were still left out of pocket. It is estimated that they lost up to $30 million and were only repaid around 75% of this.

In a 2017 interview, Bacon called the experience "a bad day" but said that he and Sedgwick were able to quickly focus on the positives: "There's obvious life lessons there – if something is too good to be true, it's too good to be true. We’ve made it this far. Our kids are healthy. We’re healthy. Let’s look at what we have that’s good." Sedgwick also told Piers Morgan on CNN in 2012 that she considered Madoff to be "a sick man" and that she and Bacon were "adults who made a choice".

Bacon and Sedgwick were not the only celebrities to fall victim to the fraud. Actor John Malkovich lost $2 million, broadcaster Larry King lost $700,000, and actor Zsa Zsa Gabor lost between $7 and $10 million.

John Malkovich lost $2 million

Malkovich, an American actor, producer, director, and writer, had placed $670,000 with Madoff's fund but claimed $2.3 million from the bankrupt firm in an assets wrangle. He argued that the payout should be based on his final statement from Madoff, not just the amount deposited in his account. However, the trustee overseeing the bankruptcy, Irving Picard, informed Malkovich that he was only entitled to the $670,000 he had invested, as no securities had been purchased for his account.

Malkovich's reaction to the situation was one of initial shock, but he soon put his losses into perspective. He told Details magazine in 2013:

> "I don’t view it as a negative experience... To me, it was, 'You think you have a bunch of money – and you don’t.' So what? Most people don’t (have a lot of money). I think it kind of reconnected me to how most people live all the time. And, unlike a lot of people that were involved in the Madoff thing, I could just go back to work, and it was fine."

Malkovich's ability to look on the bright side, even after losing a significant amount of money, showcases his resilience and pragmatism. He also demonstrated a sense of humility and empathy, recognizing that his situation was not unique and that many people live without a lot of money.

In the end, Malkovich received $670,000 of his investment back, a fraction of his original investment. While the financial loss was significant, Malkovich's attitude and ability to adapt to his changed circumstances are notable aspects of this episode.

Holocaust survivor Elie Wiesel lost $12 million

Bernie Madoff, a Wall Street investment advisor, was arrested in 2008 for running the biggest Ponzi scheme in U.S. history. His fraudulent scheme resulted in losses of an estimated $65 billion among his 37,000 victims, ranging from prominent figures in business and the media to everyday people and nonprofit charities.

One of the many victims of Madoff's scheme was Holocaust survivor and Nobel Peace Prize winner Elie Wiesel, who lost his life savings of $12 million along with his wife, Marion. Additionally, their nonprofit organisation, the Elie Wiesel Foundation for Humanity, lost $15 million.

Wiesel, who survived the Auschwitz concentration camp at the age of 15, refused to forgive Madoff, calling him "one of the greatest scoundrels, thieves, liars, criminals". He suggested that for Madoff to be forgiven, he would have to "come on his knees and ask for forgiveness", which he believed Madoff would not do.

Wiesel shared that he was introduced to Madoff by a wealthy friend who had known the financier for five decades and had also lost $50 million in the scheme. After meeting with Madoff multiple times and consulting other financial experts, Wiesel decided to entrust his personal finances and the charity's assets to Madoff.

Despite the significant financial loss, Wiesel reflected on the experience with resilience, stating that he and his wife had "seen worse". He was also heartened by the outpouring of support following the news of the foundation's financial troubles, receiving hundreds of letters and donations from people across America, both Jews and non-Jews.

The impact of Madoff's scheme extended far beyond Wiesel, affecting thousands of investors and charities. Madoff was sentenced to 150 years in prison for his crimes, but the lives and livelihoods of his victims continue to bear the scars of his deceit.

Larry King lost $700k

Larry King, the legendary American broadcaster, lost $700k to Bernie Madoff's Ponzi scheme. Madoff, a former Wall Street investment advisor, ran the biggest investment fraud in history, amounting to $65 billion in losses among his 37,000 victims.

King met Madoff through his childhood friend Fred Wilpon, owner of the New York Mets. At the time, King and his wife were looking for a reputable investment firm, and Wilpon suggested he look into Madoff. However, Madoff was known for being selective about his clientele, and while he accepted King, he did not accept King's brother.

When Madoff was arrested in 2008, King suffered a $700k loss but was able to recover it within a few years. He expressed his desire to interview Madoff and ask him, "Why? Why did you do this to people?"

King's friend, Wilpon, lost $500 million in the Madoff scandal, which affected thousands of people, including prominent figures in business and media, everyday people, and nonprofit charities.

Steven Spielberg's charity lost an undisclosed amount

Bernie Madoff, a well-known Wall Street investment advisor, operated the largest Ponzi scheme in history, defrauding his investors of an estimated $65 billion. On December 11, 2008, Madoff was arrested, marking the beginning of a financial nightmare for thousands of people.

Among his 37,000 victims were prominent figures in business and media, everyday people, and nonprofit charities. One of these victims was Hollywood heavyweight Steven Spielberg, whose Wunderkinder Foundation lost an undisclosed amount. Spielberg's business manager had made investments with Madoff on his behalf.

The Wunderkinder Foundation is just one of many charities that Spielberg has supported throughout his career. He has also been involved with the Righteous Persons Foundation, the Starbright Foundation, and the Shoah Foundation Institute, among others. Spielberg has been recognised for his philanthropy, receiving the Irving G. Thalberg Memorial Award in 1987 and the AFI Life Achievement Award in 1995.

While the exact amount of Spielberg's losses to the Madoff scheme were never disclosed, it is estimated that Madoff's fraud extended over 20 years and impacted thousands of investors.

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