Now, all the money is gone, the judge said. Mr. Madoff, speaking by phone from federal prison in Butner, N.C., said he believed that Judge Chin went along with the mob psychology of the time., Explain to me who else has received a sentence like that, Mr. Madoff said. / AP. MIKE PESCA: Thirteen billion dollars - that is the most conservative estimate of the amount of money Bernard Madoff stole. Chin said he felt diversity on the bench was a valuable goal, since it may help some plaintiffs or defendants understand that the legal system represents them as well. The whole goddamn thing is a fraud.'". He joined the court in 2010 after an appointment by President Barack Obama (D). In the middle of his trial, Wyatt changed his plea to guilty as part of a plea bargain with the government. The company became one of the largest market-makers - matching buyers and sellers of stocks - and Mr Madoff served as chairman of the Nasdaq stock exchange. Ruth is still living. In the lawsuit, Patricia Conradt said NBC "steamrolled" police to arrest her brother after telling police he failed to show up at a sting operation 35 miles away. Denny Chin (; born April 13, 1954[1]) is a Senior United States circuit judge of the United States Court of Appeals for the Second Circuit, based in New York City. When asked what types of questions he asks clerkship candidates, Chin said he always asks candidates to tell him about themselves. Frankly, that was not the message I wanted to be sent, he said. As Judge Chin listened from the bench, nine of Mr. Madoffs victims described the devastation he had caused in their lives. Bernie Madoff, the financier who pleaded guilty to orchestrating the largest Ponzi scheme in history, died in a federal prison Wednesday, the federal Bureau of Prisons confirmed to CBS News. NPR transcripts are created on a rush deadline by an NPR contractor. Judge Chin ran with that idea. U.S. District Judge Denny Chin called the scope of the fraud "staggering" and gave the 71-year-old financier the maximum sentence allowed, ensuring Madoff would live out his days behind bars. A trustee was appointed to recover funds sometimes by suing hedge funds and other large investors who came out ahead and divvying up those proceeds to victims. . Mr. Madoff rose and offered a lengthy apology, saying he felt horrible guilt. He turned to face the victims, and apologized again. As a federal judge in the Southern District of New York, Judge Denny Chin sees some of the most cutting-edge cases in the country, so much so that three of his cases were used as plots for the popular Law and Ordertelevision series. The sentencing of Bernard L. Madoff required balancing the law against the public anger his fraud had inspired. Judge Denny Chin denied Mr Madoff's request, noting many victims were still suffering due to their financial losses. He said he had been a beneficiary of affirmative action, but noted that in many colleges affirmative action may hurt Asian-Americans' chances of admittance since they are often not given the same plus-factor as other minorities. Judge Denny Chin spoke informally to students at an event sponsored by APALSA April 1. His grandfather had already established himself in America as a waiter, and his father became a chef and his mother worked as a seamstress. 20,000 people may have been exposed to measles at Asbury University revival As well as Wiesel, investors in Madoffs company included the actors Kevin Bacon, Kyra Sedgwick and John Malkovich, and the Hollywood director Steven Spielberg. "Although the crimes Bernie was convicted of have come to define who he was - he was also a father and a husband. But in truth no securities were ever bought or sold. Michael Livermore Weighs In, Podcast: Global Crisis Triggered by Knowledge Economy, Says Paul B. Stephan 77. Madoff's other son, Andrew, died from cancer at age 48. Tom Fitzmaurice accused Madoff of cheating his victims "so he and his wife, Ruth, could live a life of luxury beyond belief.". Applause broke out in the New York courtroom when the judge handed down the maximum sentence. The order left her with $2.5 million. In court, Mr Madoff said that when he started the scheme in the 1990s, he hoped it would only be for a limited time. Judge Denny Chin, who now sits on the 2nd U.S. I said to my interns, What do you think? he recalled. .component--type-recirculation .item:nth-child(5) { As Michael Patrick noted when he introduced Judge Chin at the luncheon at which he received New York County Lawyers Association's Edward Weinfeld Award: "Denny presided over both high profile and low pro-file cases. His criminal behavior devastated the lives of his victims, leading to suicides,. He became so hated he had to wear a bulletproof vest to court. "It was clear the only reason he asked me these questions was because I'm Asian-American," Chin said. Judge Chin agreed to an extensive series of interviews as part of a broader look into his sentencings in Federal District Court in Manhattan, which will appear in a later article. Madoff's lawyers had dubbed the sentence beyond 12 years as having no practical purpose. But he added that it was important to remember the history of Asians in the United States, and mentioned in particular the Korematsu case and the Japanese internment camps during World War II. The exact amount of the fraud has yet to be calculated, largely because it was so vast and went on for so long. His clients, many Jews like Madoff and Jewish charities, said they didn't know. Hing) and Lily Chin (ne Yee).His father earned the right to bring a Chinese bride into the United States through his service in World War II.After Lily suffered a miscarriage in 1949 and was unable to have children, the couple adopted Vincent from a . Judge Chin also learned that day that Mr. Madoff would plead guilty to all 11 counts against him, including fraud, money laundering and perjury. On October 6, 2009, President Barack Obama nominated Chin to the Second Circuit. "It may be disgusting, but it's protected activity," he said. The courts probation department had recommended a 50-year term, while the government had requested 150 years. But as he finished for the night, he said, he felt vaguely unsatisfied with the draft, which he saved on his computer at 9:29 p.m. I was still struggling with the reasoning, he recalled. "He cheated his victims out of their money so he and his wife could live a life of luxury beyond belief.". Top McCarthy aide, House Oversight chair each met with Ashli Babbitt's mother Madoff's other son, Andrew, died from cancer at age 48. [9] He was sworn in as a Circuit Judge on April 26, 2010. Judge Chin is the recipient of the Woodrow Wilson Award from Princeton University, the Spirit of Excellence Award from the American Bar Association, the Edward Weinfeld Award from the New York County Lawyers Association, the Lifetime Achievement Award from Judicial Friends, the Abely Award for Leading Women and Children to Safety from Sanctuary for Families, the Medal of Achievement from the Fordham Law Alumni Association, and the J. Edward Lumbard Award from the U.S. Attorney's Office for the Southern District of New York. The request was denied. The Associated Press contributed to this report. Chin presided over the criminal trial of Oscar Wyatt, the Texas oil executive accused of making kick-backs to the Saddam Hussein regime during the UN Oil-For-Food Program. [8] He was an Assistant United States Attorney for the Southern District from 1982 to 1986. But it was the global recession which effectively prompted Mr Madoff's demise as investors, hit by the downturn, tried to withdraw about $7bn from his funds and he could not find the money to cover it. If the mind can scarcely comprehend a figure so large, the federal sentencing guidelines don't even try. The amount includes all his personal property, real estate, investments and $80 million in assets that his wife who has not been charged had claimed were hers. Bernie Madoff, the financier who pleaded guilty to orchestrating the largest Ponzi scheme in history, died in a federal prison Wednesday, the federal Bureau of Prisons confirmed to CBS News.. Chin, a United States Circuit Judge for the Second Circuit, shared that as a first-generation Chinese American and first in his family to attend college, he arrived at Princeton 48 years ago alone on a bus he had taken from the Port Authority in New York City carrying two suitcases. After spending several months under house arrest at his $7m penthouse apartment, he was led off to jail in handcuffs, to scattered applause from angry investors in the courtroom. Moreover, any sentence of less than 150 years could be seen as showing him mercy. "You see how our system works," he said. Administrative Oversight and Accountability, Director of Workplace Relations Contacts by Circuit, Fact Sheet for Workplace Protections in the Federal Judiciary, Chronological History of Authorized Judgeships - Courts of Appeals, Chronological History of Authorized Judgeships - District Courts. [12] Chin assumed senior status on June 1, 2021. Madoff's other son, Andrew, died from cancer at age 48. Bernie was by no means perfect. There was also Carla Hirshhorn, who said she was thankful that her father died before he realized that his wife's financial security was ruined. Ruth is still living. [7] In 1978, Chin graduated from Fordham University School of Law with a Juris Doctor, where he was the Managing Editor of the Fordham Law Review. PESCA: Cantor was hurt badly, but not ruined. Madoffs scam cost Wiesels foundation $15.2m. "You need to be an activist wherever you land, whether it be at a big firm by doing pro bono work and being involved in the community or doing something else in the public interest.". Last year, Madoff's lawyers filed court papers to try to get him released from prison in the COVID-19 pandemic, saying he had suffered from end-stage renal disease and other chronic medical conditions. The lawyer, Ira Lee Sorkin, listed several reasons, including Mr. Madoffs confessing to his sons, knowing he would be turned in; his full acceptance of responsibility for his crimes; and his efforts to assist in the recovery of lost assets. PESCA: Judge Chin had the last word, saying he believed investor losses to be closer to $60 billion. "There's no cure for my type of disease. Judge Denny Chin denied Mr Madoff's request, noting many victims were still suffering due to their financial losses. "Life has been a living hell. He was not bound by that figure, and he considered going beneath it, he said. The search for Madoff's assets "has unearthed a labyrinth of interrelated international funds, institutions and entities of almost unparalleled complexity and breadth," the trustee, Irving Picard, said in a 2009 report. U.S. Court of Appeals Judge Denny Chin, a Chinese immigrant who grew up in a Hell's Kitchen tenement, is the subject of a newly released Pathways to the Bench video profile, the eighth in a video series in which federal judges talk about challenges that helped prepare them to serve justice.. Judge Chin, who joined the Second Circuit bench in 2010, recalls how he moved from Hong Kong to New . "Charles Ponzi is now a footnote," said Anthony Sabino, a defense lawyer specializing in white collar criminal defense. U.S. District Judge Denny Chin sentenced Madoff to the maximum possible term. There were several more Asian-American faces in Madison Square Gardens that night too. It all came crashing down in the winter of 2008 with a dramatic confession at Madoff's 12th-floor apartment on the Upper East Side. The government argued it had probable cause to search the homes of people who had entered their address, but Chin granted one defendant's motion to suppress. When Klayman appealed, the 2nd Circuit affirmed Chin's sanctions. Madoff was born in 1938 in a lower-middle-class Jewish neighborhood in Queens. The victims who came forward testified that they had suffered financial ruin because of Madoff's fraud. After several months living under house arrest at his $7 million Manhattan penthouse apartment, he was led off to jail in handcuffs to scattered applause from angry investors in the courtroom. At the time of Madoff's arrest, fake account statements were telling clients they had holdings worth $60 billion. In an interview with The Washington Post he said he had "made a terrible mistake. In a scathing ruling, U.S. District Judge Denny Chin said a jury might conclude the network "crossed the line from responsible journalism to irresponsible and reckless intrusion into law enforcement.". [5] He graduated magna cum laude with a B.A. Judge Denny Chin called Madoffs crimes extraordinarily evil. He began his Wall Street career in 1960 alongside his brother Peter with a few thousand dollars saved from working as a lifeguard and installing sprinklers. C.W. [24], In 2016, Chin joined the panel that upheld Tom Brady's suspension by Commissioner Roger Goodell for the Deflatgate scandal, In 2009 Chin presided over U.S. v. Madoff. His 8-year-old felt torn and said, "'I love the Knicks, but I love Yao.'" VideoAt the crash site of 'no hope' - BBC reporter in Greece, Sake brewers toast big rise in global sales, The Indian-American CEO who wants to be US president, How 10% of Nigerian registered voters delivered victory, Blackpink lead top stars back on the road in Asia, Exploring the rigging claims in Nigeria's elections, 'Wales is in England' gaffe sparks TikToker's trip. At least two investors with Mr Madoff took their own lives after their losses. Thurgood Marshall U.S. He cheated his victims out of their money so he and his wife could live a life of luxury beyond belief.. His family moved to the United States in 1956 from Hong Kong under the Refugee Relief Act when he was just 2 years old. [25] On June 29, 2009, Chin accepted the prosecutor's recommendation to sentence Madoff to a prison term of 150 years, thus effectively handing down a life sentence. Founded in 1819, the University of Virginia School of Law is the second-oldest continuously operating law school in the nation. A $105 million lawsuit brought by a woman who claims a sex sting by "Dateline NBC: To Catch A Predator" drove her brother to kill himself can go to trial, a federal judge ruled Tuesday. Three weeks after Chin ruled on a commercial breach of contract case involving plaintiff's lawyer Larry Klayman, Klayman wrote a letter to Chin asking if he had any connection to John Huang or the Democratic National Committee. Flying bug found at Walmart turns out to be rare Jurassic-era insect, Pence won't commit to supporting Trump if he's the nominee. Last year his lawyers filed court papers to try to get him released from prison during the pandemic, saying he had end-stage renal disease and other chronic medical conditions. [2][3][4] Chin was the first Asian American appointed as a United States District Judge outside of the Ninth Circuit. Then he. When he applied for the judgeship, he was just 39, but there were 10 vacancies in the Southern District of New York for President Clinton to fill. Chin's ruling came on the grounds that WWF had a sound basis in suing the PTC over defamation, interference with business, and copyright infringement. He graduated from Stuyvesant High School in 1971. As Fordham University School of Law's inaugural Lawrence W. Pierce Distinguished Jurist in Residence, Judge Denny Chin of the U.S. Court of Appeals for the Second Circuit says he . Mr. IRWIN CANTOR: I'm a professional loser, yeah. Although Chin said that by and large he has not experienced discrimination as a judge, there have been some incidents that happened because of his race. Madoff, known as Bernie, was a former chairman of the Nasdaq stock exchange, and was regarded for years as an investment sage. Part of the reason life tenure is so important is so that judges will not be unduly influenced by public opinion, he said, although he is careful to consider both sides of an issue in his judgments. "I realised that my arrest and this day would inevitably come.". As Judge Denny Chin noted, the Madoff take is quite literally off the charts. "When Peter or Bernie said something that they were going to do, their word was their bond," Morling said in a 2008 interview. Mr. CANTOR: I wasn't doing as well as I could've been (unintelligible). Instead, he was required to stack the maximum sentences for each count they totaled 150 years to calculate a recommended sentence under the federal advisory guidelines. While he said stereotypes about Asian-Americans still exist and sometimes rise to the surface, women, for example, may face more challenges in battling discrimination. Timothy A. Clary/AFP/Getty Images In McCosh Hall, outside Room 50 hangs a portrait of Judge Denny Chin. Get browser notifications for breaking news, live events, and exclusive reporting. Before issuing his ruling, Chin said he reviewed a copy of the Feb. 20, 2007 episode. Courthouse, 40 Foley Square, New York, NY 10007 | (212) 857-8500. Madoff admitted swindling thousands of clients out of billions of dollars in investments over decades. [9] In 1986, Chin left the U.S. Attorney's Office and started a law firm, Campbell, Patrick & Chin, with two colleagues from the U.S. Attorney's Office. "Here, the message must be sent that Mr. Madoff's crimes were extraordinarily evil and that this kind of irresponsible manipulation of the system is not merely a bloodless financial crime that takes place just on paper, but it is instead one that takes a staggering human toll," Chin said. In another case, Chin tried to offer some off-the-record advice to a young Korean-American lawyer who had turned an attempt to collect on a note into a RICO case. The United States Senate confirmed Chin on August 9, 1994, and Chin received his commission the next day. Please enter valid email address to continue. As far as we know, Sorkin said, there was no ferreting away of funds. And there we are. The global financial crisis of 2008 prompted the scheme to unravel, leaving thousands of victims bereft of their savings and Madoff as an avatar for the failure of regulators and financial corruption. Madoff raised his profile by using the expertise to help launch Nasdaq, the first electronic stock exchange, and became so respected that he advised the Securities and Exchange Commission on the system. Advertising. This story, "," originally appeared in The New York Times. Judge Denny Chin. Roadways to the Bench: Who Me? I do not agree, Judge Chin wrote about the victims. The request was denied. So, you know, I've served. This site is maintained by the Administrative Office of the U.S. Courts on behalf of the Federal Judiciary. U.S. District Judge Denny Chin called the scope of the fraud "staggering" and gave the 71-year-old financier the maximum sentence allowed, ensuring Madoff would live out his days behind bars. Madoff was in a bathrobe when two FBI agents arrived at his door unannounced on a December morning. It was symbolic. Madoff's case has become symbolic of Wall Street greed and a laissez-faire attitude toward federal oversight. NBC was working with the activist group Perverted Justice on the sting, in which officers impersonating underage girls establish online chats with men and try to lure them to a house, where they are met by TV cameras and police. On March 12, Madoff pleaded guilty to securities fraud and other charges, saying he was "deeply sorry and ashamed." } Judge Chin graduated from Princeton University magna cum laude and received his law degree from Fordham Law School. And I got into Bernie Madoff. From NPR News, this is ALL THINGS CONSIDERED. ", He claimed he and his wife were tormented, saying she "cries herself to sleep every night, knowing all the pain and suffering I have caused.". Totally a nice guy, understated, unassuming, fell for it lock, stock and barrel. Mr Madoff,the son of European immigrants who grew up in New York,set up his eponymous firm Bernard L Madoff Investment Securities in 1960. "We never quite got the hang of developing business that was the hard part," he said. As a federal judge in the Southern District of New York, Judge Denny Chin sees some of the most cutting-edge cases in the country, so much so that three of his cases were used as plots for the popular Law and Order television series.But Chin's position is unique for another reason as well he was the first Asian-American appointed to a federal district court judgeship outside the 9th . The firm was investigated eight times by the US Securities and Exchange Commission because it made exceptional returns. Judge Denny Chin, who originally had imposed the sentence of 150 years, denied his request for release, calling his crime "one of the most egregious financial crimes of our time," and one that . He stole from the in between. Cheryl Weinstein said, Bernard Madoff dresses like us, walks like us, eats and drinks like us, but underneath, he is a beast. "The Michigan case is a tough case because of the way it's done with the numbers.". Although he showed no emotion during their testimony, he did offer an apology to family and victims. For reasons of symbolism, and to further the principles of retribution and deterrence and to keep faith with victims, Bernard Madoff was sentenced to a 150 years in prison. #inline-recirc-item--id-942a1cd6-8c88-11e2-b06b-024c619f5c3d ~ .item:nth-child(5) { For an optimal experience visit our site on another browser. Two years later, Judge Chins recollections resurrect all the anger, shock and confusion that surrounded Mr. Madoffs crimes, and provide a rare peek at the excruciating pressure faced by a judge who had to balance the law, the publics emotions and his own deeply held beliefs while meting out a sentence that was just and satisfied the courts need to send a message. Ruth is still living. "When I sentenced Mr. Madoff in 2009, it was . Google. He also responded to the assertion in Mr. Sorkins letter that the unified tone of the victims statements suggested a desire for a type of mob vengeance that would seemingly negate the judges role. Pak was convicted by a jury and sentenced by Chin to 5 years in prison.[20]. Circuit Court of Appeals, noted the continuing suffering of Madoff's thousands of victims who lost $17.5 billion when a decades-long scheme that . Todd Heisler Judge Chin agreed to an extensive series of. The judge, explaining why he had rejected the defenses request for a substantially shorter sentence, provided two reasons why the symbolism of a much longer term was important: to send the strongest possible message of deterrence, and to help the victims heal. In November 2013, Chin dismissed Authors Guild et al. I'm Melissa Block. That summer he mapped out his career and followed it almost to the letter. All rights reserved. "A reasonable jury could find that by doing so, NBC created a substantial risk of suicide or other harm, and that it engaged in conduct so outrageous and extreme that no civilized society should tolerate it," Chin said. "The man who committed this horrible fraud is not the man whom I have known for all these years. Read about our approach to external linking. Wiesel admitted that he bought into "a myth that he created around him that everything was so special, so unique, that it had to be secret.". "He stole from the rich. An $11 million estate in Palm Beach, Fla., a $4 million home in Montauk and a $2.2 million boat will be put on the market as well. But unbeknown to his thousands of victims, he was running a Ponzi scheme that wiped out at least $17.5bn in savings. While the lawyer was not a member of the New York Bar, Chin sanctioned him, revoking his pro hoc admission membership granted to argue the case. At the time of his arrest, fake account statements were telling clients they had holdings worth $60bn. He also asks them a hypothetical, noting it is much more important to show balance and reasoning than arguing for a right or wrong answer. Last year, Mr Madoff requested early release from prison citing health problems, including kidney disease. The BBC is not responsible for the content of external sites. Bernard Madoff pleads guilty Topics North Carolina U.S. Court of Appeals Judge Denny Chin, of New York City, is a naturalized citizen. Judges are advised to give the toughest sentences to those who have stolen up to $400 million. Subscribe to be notified when the news section is updated. Although he went through an extensive background check, "my confirmation hearing took about five minutes, maybe three minutes it was that simple.". He called clerking "difficult," but rewarding at the federal court level. I said, Madoff turn around and acknowledge your victims. 5089. He invited them in, then confessed after being asked "if there's an innocent explanation," a criminal complaint said. dismissed a lawsuit by a Florida man who blamed the Atkins. Chin was born in 1954 in Kowloon, Hong Kong and came to the U.S. in 1956. Good candidates will often lead the question into a conversation. Copyright 2023 CBS Interactive Inc. All rights reserved. He clerked for the Honorable Henry F. Werker in the Southern District of New York; was associated with the law firm Davis Polk & Wardwell; served as an Assistant United States Attorney for the Southern District of New York; was a founding partner of the law firm Campbell, Patrick & Chin; and was a partner at a firm specializing in labor and employment law, Vladeck, Waldman & Engelhard, P.C. How could this be real? "We will have to sell our home and hope to survive on Social Security alone.". Another son, Andrew, died from cancer at age 48. He is now a United States circuit judge for the Second Circuit. "They're now Madoff schemes. Mr Madoff is survived by his wife, Ruth Madoff, who maintained she was unaware of the scheme and was never charged. He invited them in, and then confessed after being asked if theres an innocent explanation, a criminal complaint said. Two interns, both law students, suggested a term of 75 years, but when the judge asked them why, he said, they had trouble articulating their reasons. The United States Senate Committee on the Judiciary reported Chin's nomination to the full Senate on December 10, 2009[10] and he was confirmed by a 980 vote on April 22, 2010. Afterward, Ruth Madoff often a target of victims' scorn since her husband's arrest broke her silence that same day by issuing a statement claiming that she, too, had been misled by her high school sweetheart. Madoff responded: "There is no innocent explanation.". } The probation department had recommended a 50-year term, while the defense lawyer had sought 12 years behind bars for his client. He was confirmed in April 2010 and took senior status in June 2021. He directed Klayman to explain the letter and in open court Klayman stated that he had written the letter because Chin was Asian. [14] At the time, the PTC had been campaigning for advertisers to withdraw sponsorship of WWE's flagship program SmackDown because it believed that the program caused the violent deaths of four children. Copyright 2009 NPR. As NPR's Mike Pesca reports, that pain and suffering was evident in the court today. Authorities say that over the years, at least $13 billion was invested with Madoff. Five went on trial in late 2013 and watched DiPascali take the witness stand as the government's star witness. The purpose of this site is to provide information from and about the Judicial Branch of the U.S. Government. We're minorities in some ways, we've done well in some ways," he said, adding that it's still important to be involved in the Asian-American community, a goal Chin tries to honor by accepting as many invitations to events as possible. Judge Chin said he was particularly moved by an account of a man who had invested his life savings with Mr. Madoff, then died of a heart attack two weeks later. An old IBM computer cranked out monthly statements showing steady double-digit returns, even during market downturns. In December 2010, Madoffs eldest son, Mark, was found hanged in his New York apartment on the second anniversary of the billionaire investment managers arrest for what was then described the biggest swindle in Wall Street history. Madoff was sentenced to 150 years in prison for his monumental fraud. 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