New York, December 31 : Kevin Bacon and his wife, actress Kyra Sedgwick, have also been dubbed victims of fraudulent investment operation headed by fund manager Bernie Madoff.

Madoff, the perpetrator of the biggest financial fraud in history had been arrested and charged with securities fraud on December 11.

His swindle was alleged to involve up to 50 billion dollars in cash and securities through Ponzi schemes, which involves paying abnormally high returns to investors out of the money paid in by subsequent investors, rather than from the profit from any real business.