Kevin Bacon has been named among the celebrities who fell victim to the $50 billion fraud scandal rocking America's Wall Street. Former NASDAQ chairman Bernard Madoff was arrested on December 8 on charges of securities fraud after allegedly ciphering billions of dollars from his clients in a scam which collapsed after people began asking for their money back, due to the global financial crisis.

And Bacon and his wife, actress Kyra Sedgwick, have joined Steven Spielberg, his DreamWorks Animation SKG partner Jeffrey Katzenberg, and Uma Thurman's fiance, hedge-fund tycoon Arpad Busson, on the list of high-profile investors, who reportedly lost hundreds of millions of dollars in the so-called Ponzi scheme.

Bacon's spokesperson, Allen Eichorn, tells New York Magazine, "I can confirm that they had investments with Mr. Madoff; no further specifics or comment beyond that (is available)."

Eichorn would not elaborate on the extent of the couple's losses, adding, "Let's not speculate or rely on hearsay."

(This news article provided by World Entertainment News Network)