No lifeguards at this pool ... Madoff loses $10,000 statue

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As the inquiry continues into claims that the Wall Street money manager lost $50 billion of his investors' cash, police are investigating the apparent theft at his Palm Beach property.

A copper sculpture of two lifeguards vanished from the side of the swimming pool at the $10million home, where he had met many investors. Police spokesman Janet Kinsella said a housekeeper reported the artwork missing on 22 December.

Madoff, 70, was arrested on 11 December on fraud charges. He remains under house arrest in Manhattan on $10 million bail.

The former chairman of the Nasdaq stock market is accused of losing more than $50 billion belonging to investors, including major banks, Hollywood stars, charities, schools and pensioners. Many lost their life savings.

Actor Kevin Bacon has confirmed he was one of the victims. He released a statement in response to reports that he and his actress wife Kyra Sedgwick were feared to have lost everything.

Bacon, who has starred in films including JFK and A Few Good Men, and is in the new Frost/Nixon movie, refused to disclose exactly how much the couple had lost.

The actor's publicist, Allen Eichhorn, said: "Unfortunately the report is true. I can confirm that they had investments with Mr Madoff - no further comment beyond that."

Bacon joins Hollywood victims such as director Steven Spielberg and his DreamWorks partner Jeffrey Katzenberg. Their Wunderkinder Foundation charity is believed to have lost millions of dollars. Forrest Gump screenwriter Eric Roth was also hit. Uma Thurman's fiancé, hedge fund tycoon Arpad Busson, is also among the victims.

Madoff recruited wealthy investors at charity events and country clubs - including the Palm Beach Country Club. He is alleged to have run a "Ponzi scheme", a scam in which money from new investors in a fund is used to pay off existing investors.