According to reports and one report on reuters.com, actor Kevin Bacon may have been victimized by the so-called Madoff scheme. According to reports, the actor, his wife and another investment banker may have been victimized by the business and investments adopted by Bernard Madoff. An economist, Henry Kaufman was reported to have lost several millions of dollars. This money is the amount that he had invested in the brokerage account owned by Bernard L. Madoff. The economist did business with the brokerage firm for more than five years. The report on Henry Kaufman was thru a report on the Wall Street Journal. The spokesperson for the economist explained in an interview that the money lost by Mr. Kaufman is only around 2 percent of his total net worth and this is immaterial to the economist’s financial well being. This was the economist that was known and adored to forecasting the higher inflation and interest rates when he was still with the Salomon Brothers in the 70s and the 80s. Because of his forecasts, he was then called as ‘Doctor Doom’.

The case of Kevin Bacon and his wife was reported by the actor’s representative. The actor and the economist were not reached for a comment, according to the reuters.com report. Bernard Lawrence Madoff which is now the subject of investigation is a businessman and the former head of the NASDAQ stock market. He was the one who started the Bernard L. Madoff Investment Securities LLC. Just recently he was arrested and then charged with securities fraud. Artists, actors and economists aren’t just the victims of the said scheme. It was reported that a number of wealthy people, banks, charities and even universities have been victimized by the scheme. The cost of the losses has been valued at around $50 billion but still others are figuring out the exact magnitude of the fraud.

Popularity: 5% [?]