December 11, 2008, was the start of a monetary nightmare for 1000’s of individuals after phrase bought out that financier Bernie Madoff was arrested for operating the most important Ponzi scheme in U.S. historical past.
While the media initially touted Madoff’s fraud as having run upwards of $50 billion, prosecutors would later increase the estimate to $65 billion amongst his 37,000 victims, who ranged from distinguished figures in enterprise and media and hardworking, on a regular basis individuals to nonprofit charities.
Many of his victims emerged to share their tales as half of a bigger narrative of the stunning fraud, it was his movie star shoppers who made the most important headlines.
Some public figures selected to remain comparatively quiet about their affiliation with Madoff. Before her dying in 2016, Hungarian-born actress Zsa Zsa Gabor had reportedly misplaced between $7 to $10 million from investing with the cash supervisor, whereas Hollywood bigwig Steven Spielberg’s Wunderkinder Foundation additionally took a considerable hit, though the greenback quantity was by no means disclosed.
Still, different distinguished figures determined to talk out about their monetary losses and what they realized from the expertise. Among them are actors and couple Kevin Bacon and Kyra Sedgwick, Dreamworks Animation chief govt Jefferey Katzenberg, actor John Malkovich, Holocaust survivor Elie Wiesel, and broadcaster Larry King.
Kevin Bacon and Kyra Sedgwick
Kyra Sedgwick and Kevin Bacon at a screening of “The Edge of Seventeen” on November 9, 2016, in Los Angeles, California
Photo: Jason LaVeris/FilmMagic
Known to be a low-key Hollywood couple, actors Bacon and Sedgwick turned entrance and heart information when the scandal broke, as they’d been one of many first celebrities recognized to have reportedly misplaced tens of millions of {dollars} investing with Madoff.
“I see him as a sick man,” Sedgwick informed Piers Morgan on CNN in 2012. “And I see us as adults who made a choice. And I see a lot of people who are so much worse off than we are…”
Years later, Bacon echoed his spouse’s sentiments in regards to the scandal. “It was a foul day,” Bacon admitted to The Guardian throughout an interview in 2017. “But fairly shortly we had been capable of see all of the issues we had versus no matter we misplaced, and people are the most important cliches: kids, well being, love, a pleasant dwelling. So we bought by means of it collectively. I don’t take into consideration Madoff, like, in any respect.”
He additionally added that the “real victims” had been those that misplaced their complete life financial savings. “I think there’s a good cautionary tale there, to be cognizant of what’s happening with your money.”
Jeffrey Katzenberg
Jeffrey Katzenberg on the “Megamind” premiere on November 29, 2010, in Paris, France
Photo: Pascal Le Segretain/Getty Images
Just like Bacon and Sedgwick, Dreamworks Animation govt Katzenberg, recognized for producing hits just like the Shrek and Kung Fu Panda franchises, endured a considerable monetary loss, which he described as “painful and humiliating.” Although he additionally refused to debate the precise greenback quantity that was taken from him and his charitable group, Marilyn & Jeffrey Katzenberg Foundation, the charity had estimated belongings of over $22 million earlier than the scandal broke.
The Los Angeles Times would later uncover that Katzenberg had misplaced $20 million. Both he and Spielberg shared the identical enterprise supervisor, who made investments with Madoff on their behalf.
“The first time I heard the name Bernie Madoff was about three weeks ago,” Katzenberg told reporters in January 2009. “What it has done to other people is terrible. It’s destroyed many people’s lives. People that I know.”
Elie Wiesel
Elie Wiesel at a press convention after an Interfaith Leaders delegation assembly on the United Nations on October 27, 2004, in New York City
Photo: Chris Hondros/Getty Images
Before his dying in 2016, Holocaust survivor and Nobel Peace Prize winner Wiesel was one other well-known determine taken in by Madoff’s legal enterprise. And when the information hit, Wiesel did not take the loss frivolously.
Describing Madoff as “one of the greatest scoundrels, thieves, liars, criminals,” Wiesel and his spouse, Marion, had misplaced their life financial savings of $12 million, together with $15 million from their nonprofit group, Elie Wiesel Foundation for Humanity.
“Could I forgive him? No,” Wiesel informed a media panel in New York City in 2009 concerning Madoff. “To forgive, first of all, would mean that he would come on his knees and ask for forgiveness. He wouldn’t do that.”
Wiesel defined {that a} rich trusted good friend, who had been mates with Madoff for 5 a long time, launched the 2 of them. After Wiesel met with Madoff a number of occasions, he went on to get recommendation from different monetary specialists earlier than entrusting his private funds with Madoff.
In 2012 he mirrored again on his expertise throughout an interview with Oprah Winfrey. “[My wife and I] looked at each other, and our reaction was, ‘We have seen worse,’” Wiesel mentioned. “Both she and I have seen worse.”
Once information unfold about his basis’s monetary troubles, Wiesel mentioned he was shocked from the general public’s response.
“All of a sudden, we began receiving hundreds and hundreds and hundreds of letters and donations, small donations, from all over America, Jews and non-Jews,” Wiesel informed Oprah. “The American people are so generous. … We received hundreds of them, and that helped us.”
John Malkovich
John Malkovich at Michael Bastian’s Fall 2010 present throughout Mercedes-Benz Fashion Week on February 14, 2010, in New York City
Photo: Paul Warner/WireImage
When actor Malkovich misplaced his funding of $2 million {dollars} to Madoff, he — like fellow actors Bacon and Sedgwick — put his issues into perspective.
“I don’t view it as a destructive expertise…,” he told Details journal in 2013. “To me it was, ‘You think you have a bunch of money – and you don’t.’ So what? Most individuals don’t (have some huge cash). I believe it sort of reconnected me to how most individuals stay on a regular basis. And, not like lots of people that had been concerned within the Madoff factor, I might simply return to work, and it was fantastic.”
So would he say something to Madoff if he had the chance? Malkovich informed Vanity Fair, in his basic cool demeanor, not notably.
“I solely met Mr. Madoff as soon as, a few years in the past. He appeared very nice. But, you already know, I don’t assume I’d have a lot to impart,” he informed the journal in 2013. “For me, in all honesty, it was a good life lesson.”
In the tip, Malkovich reportedly acquired $670 thousand of his funding again.
Larry King
Larry King
Photo: M. Caulfield/WireImage
King met Madoff by means of his childhood good friend Fred Wilpon, proprietor of the New York Mets. At the time, King and his spouse had been searching for a good funding agency, and Wilpon prompt he look into Madoff however warned King that the cash supervisor was recognized for being selective about his clientele. King skilled Madoff’s choosiness firsthand, because the latter accepted King into his agency however not King’s brother.
When Madoff was arrested in 2008, the broadcasting legend suffered a $700Ok loss however fortunately, was able to recover it inside just a few years.
“If I could interview one person on the planet, it’d be Bernie Madoff and the obvious [question] would be ‘Why? Why did you do this to people?'” King mentioned.
King’s good friend, Wilpon, would come out of the Madoff scandal a lot worse off, taking a hit of $500 million.
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