"One of the best things I did as a judge over the years was to preside over the naturalization ceremony. A judge issued a forfeiture order stripping Madoff of all his personal property, including real estate, investments, and $80 million in assets his wife, Ruth, had claimed were hers. The order left her with $2.5m. [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. Convicted swindler Bernard Madoff was sentenced Monday to 150 years in prison for stealing billions of dollars from hundreds of investors over decades in one of the largest Ponzi schemes in history. That summer he mapped out his career and followed it almost to the letter. February 26, 2008 / 5:54 PM 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. He became so hated he had to wear a bulletproof vest to court. This text may not be in its final form and may be updated or revised in the future. Earlier this week, Judge Denny Chin (S.D.N.Y.) If the mind can scarcely comprehend a figure so large, the federal sentencing guidelines don't even try. In McCosh Hall, outside Room 50 hangs a portrait of Judge Denny Chin. On the other hand, because he is one of few Asian-American federal judges, "I know that I have to do a good job, because I know that if I screw up, it's not just me," it will be the "Chinese judge" that screwed up. Mr. Ambrosino's motor home is no longer for vacations. Bernard Madoffs Manhattan penthouse, Long Island getaway and Florida estate are for sale in the hopes of raising tens of millions of dollars to help reimburse victims of his Ponzi scheme. With the verdict, Chin said he was sending a message "that Mr. Madoff's crimes were extraordinarily evil, and that this kind of manipulation of the system is not just a bloodless crime that takes place on paper, but one instead that takes a staggering toll.". 2008 The Associated Press. Before issuing his ruling, Chin said he reviewed a copy of the Feb. 20, 2007 episode. As he had from the start, Madoff insisted in his plea that he acted alone something the FBI never believed. 2023 BBC. Authorities say that over the years, at least $13 billion was invested with Madoff. I would tell the new citizens about my grandfather. One of the traditional notions of punishment, he wrote, is that an offender should be punished in proportion to his blameworthiness. Mr. Madoffs crimes were extraordinarily evil, he added. 20,000 people may have been exposed to measles at Asbury University revival Judges are advised to give the toughest sentences to those who have stolen up to $400 million. Law. 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. He took notes and sketched out themes as he went, with a view toward working them into his draft: Not just the wealthy or institutional clients., Not just money: It reaches to the core and affects your general faith in humanity, our government and basic trust in our financial system., The loss of dignity, the loss of freedom from financial worry.. He has taught Asian Americans and the Law at Fordham, Harvard, and Yale Law Schools, and he taught Legal Writing at Fordham for more than thirty years. "I also believe that Mr. Madoff was never truly remorseful, and that he. But what the agency never found out was that behind the scenes, in a separate office kept under lock and key, Madoff was secretly spinning a web of phantom wealth by using cash from new investors to pay returns to old ones. MIKE PESCA: Thirteen billion dollars - that is the most conservative estimate of the amount of money Bernard Madoff stole. Madoff was sent to do what amounted to a life sentence at Butner Federal Correctional Complex, about 45 miles northwest of Raleigh, North Carolina. Mr. GEORGE NIERENBERG: I called him Madoff. . The mans widow had met with Mr. Madoff, who had put his arm around her and told her not to worry, that her money was safe with him. Of the more than $17bn in cash losses, more than $14bn has been recovered. As agents scoured records for evidence of a broader conspiracy and cultivated DiPascali as a cooperator, the scandal turned Madoff into a pariah, evaporated life fortunes, wiped out charities and apparently pushed some investors to die by suicide. He concluded it was not reasonable to permit the government to search the homes and seize the computers of thousands of individuals merely because their e-mail addresses were entered into a web site, where, in addition to gaining access to child pornography, they could engage in text-based activities such as participating in chat rooms and answering surveys. He insisted that he acted alone, describing a separate wholesale stock-trading firm run by his sons and brother as legitimate. The courts probation department had recommended a 50-year term, while the government had requested 150 years. Timothy A. Clary/AFP/Getty Images "I also believe that Mr. Madoff was never truly remorseful, and that he was only sorry that his life as he knew it was collapsing around him," he wrote. His criminal behavior devastated the lives of his victims, leading to suicides, bankruptcies and home losses. He confessed the problem to his sons, who went to the authorities. Judge Chin was appointed district judge in the Southern District of New York in 1994 before being nominated to the U.S. Court of Appeals for the Second Circuit. To Judge Chin, Mr. Madoff seemed sad, almost as if he were grieving. 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. "Charles Ponzi is now a footnote," said Anthony Sabino, a defense lawyer specializing in white collar criminal defense. And Madoff's brother, Peter, who helped run the business, was sentenced to 10 years in prison in 2012, despite claims he was in the dark about his brother's misdeeds. The lawyer turned around and made a motion that Chin recuse himself from the case, saying Chin was "too hard on him because he was Asian-American.". He worked for law firm Davis Polk after his clerkship, then became an Assistant U.S. Attorney for four years, and later started his own firm with friends. U.S. District Judge Denny Chin sentenced Madoff to the maximum possible term. [9][13], In 2001, Chin rejected a motion by the Parents Television Council (PTC) to dismiss a lawsuit that the World Wrestling Federation (now World Wrestling Entertainment) filed against it. It collapsed during the 2008 financial crisis. Todd Heisler Judge Chin agreed to an extensive series of. Denny Chin is a federal judge on senior status with the United States Court of Appeals for the 2nd Circuit. Chin tossed out many of Patricia Conradt's claims but said her principal claims could proceed to trial. Madoff's other son, Andrew, died from cancer at age 48. US District Judge Denny Chin showed no mercy, sentencing Madoff to the maximum 150 years in prison. He is now a United States circuit judge for the Second Circuit. display: none; Louis William Conradt Jr., a suburban Dallas prosecutor, fatally shot himself after he was accused of engaging in a sexually explicit online chat with an adult posing as a 13-year-old boy, according to a lawsuit filed by his sister. Judge Denny Chin. He stole from the poor. He recalled that as he had thought about Mr. Madoffs conduct, two words came to mind: extraordinarily evil.. dismissed a lawsuit by a Florida man who blamed the Atkins. Ruth is still living. By giving Bernard L. Madoff a term of 150 years, Judge Denny Chin seemed to find a way to translate society's rage into a number. "We're in a complicated situation. But in truth no securities were ever bought or sold. Advertising. The scandal also exacted a personal toll on the family: One of his sons, Mark, killed himself on the second anniversary of his father's arrest in 2010. display: block; His clients ranging from Florida retirees to celebrities such as Steven Spielberg, actor Kevin Bacon and Hall of Fame pitcher Sandy Koufax consistently enjoyed steady double-digit returns. 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. "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. Tom Fitzmaurice accused Madoff of cheating his victims "so he and his wife, Ruth, could live a life of luxury beyond belief.". [8] He was an Assistant United States Attorney for the Southern District from 1982 to 1986. Judge Denny Chin denied Mr Madoff's request, noting many victims were still suffering due to their financial losses. His family moved to the United States in 1956 from Hong Kong under the Refugee Relief Act when he was just 2 years old. Bernard Madoff, right, leaves US . The terms require the Madoffs to sell a $7 million Manhattan apartment where Ruth Madoff still lives. On March 12, Madoff pleaded guilty to securities fraud and other charges, saying he was "deeply sorry and ashamed." hide caption. 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. The request was denied. He had no values," former investor Tom Fitzmaurice told the judge at the sentencing. Judge Chin and his wife Kathy Hirata Chin have written, produced, and presented, together with a team from the Asian American Bar Association of New York, a series of reenactments of historic cases involving Asian American litigants. When Klayman appealed, the 2nd Circuit affirmed Chin's sanctions. He was confirmed in April 2010 and took senior status in June 2021. In her lawsuit, Patricia Conradt claims a police officer at the scene of the shooting told a "Dateline" producer: "That'll make good TV. Amanda Leith, a lawyer for NBC Universal, had no comment on the ruling. Denny Chin is a United States Circuit Judge for the United States Court of Appeals for the Second Circuit. Visit our website terms of use and permissions pages at www.npr.org for further information. "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 2009, U.S. District Judge Denny Chin sentenced Madoff to 150 years in prison, a verdict he said sent a message his crimes were "extraordinarily evil, and that this kind of manipulation of the . The exact amount of the fraud has yet to be calculated, largely because it was so vast and went on for so long. 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. On March 23, 2011, Chin rejected Google's plan to digitize every book published, saying the plan violated copyright laws. #inline-recirc-item--id-942a1cd6-8c88-11e2-b06b-024c619f5c3d, #right-rail-recirc-item--id-942a1cd6-8c88-11e2-b06b-024c619f5c3d { 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. After the sentencing, Ruth Madoff said in a statement that she felt "betrayed and confused" by the actions of her husband. His brother, Peter, who helped run the business, was sentenced to 10 years in prison in 2012, despite claims he was in the dark about his brothers misdeeds. 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. "Often being a woman places you at a disadvantage at many big firms," he said. 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. Updated on: April 14, 2021 / 7:00 PM Then he. In the 1950s, he engineered and produced classical music albums for Angel Records. Chin dismissed the suit Sam Sloan vs. Paul Truong and Susan Polgar in which Sloan accused Susan Polgar and Paul Truong of posting thousands of obscene "Fake Sam Sloan" remarks in his name over a two-year period in an effort to win election to the board of the United States Chess Federation (Polgar and Truong were elected to the board and Sloan was defeated). / CBS/AP. Madoff, known as Bernie, was a former chairman of the Nasdaq stock exchange, and was regarded for years as an investment sage. For decades, Madoff enjoyed an image as a self-made financial guru whose Midas touch defied market fluctuations. He also wrote that he had received no letters on Mr. Madoffs behalf: The absence of such support is telling.. C.W. "I realised that my arrest and this day would inevitably come.". On October 6, 2009, President Barack Obama nominated Chin to the Second Circuit. "He turned to me and he said, crying, 'I'm at the end of my rope. [9] He was sworn in as a Circuit Judge on April 26, 2010. 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. That was the number of victims allowed to speak. In his ruling, Chin said the network "placed itself squarely in the middle of a police operation, pushing the police to engage in tactics that were unnecessary and unwise, solely to generate more dramatic footage for a television show.". In the end, that fraud brought fresh meaning to "Ponzi scheme," named after Charles Ponzi, who was convicted of mail fraud after bilking thousands of people out of a mere $10 million between 1919 and 1920. U.S. District Judge Denny Chin showed no mercy, sentencing Madoff to the maximum 150 years in prison. "Like everyone else, I feel betrayed and confused. 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.". Imposing a 150-year sentence in 2009, judge Denny Chin called Madoff's crimes "extraordinarily evil". ", First published on April 14, 2021 / 9:47 AM. U.S. District Judge Denny Chin showed no mercy, sentencing Madoff to the maximum 150 years in prison. "That's something I live with, as well," he said. 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 Circuit, and is now just one of six Asian-American Article III judges today. The students were about 55 percent Asian-American, when the population in New York City is only about 10 percent Asian-American. 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. A few days before the sentencing, Judge Chins law clerks and interns joined him for their weekly lunch around a large wooden table in his chambers. 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. Material from The Associated Press was used in this report. He would include the story in his draft. NYT reporter: Son's suicide gave Madoff sense of contrition, Author: Madoffs kin likely didnt know of scam. At the time, both were being investigated for alleged illegal fundraising activities. So, you know, I've served. And there we are. The bureau said Madoff's cause of death would be determined by a medical examiner. U.S. District Judge Denny Chin said, "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. Both of Madoff's sons have died, Andrew from cancer at age 48 and Mark from suicide at age 46 in 2010. His 8-year-old felt torn and said, "'I love the Knicks, but I love Yao.'" The BBC is not responsible for the content of external sites. Courthouse, 40 Foley Square, New York, NY 10007 | (212) 857-8500. 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. Madoff's other son, Andrew, died from cancer at age 48. Judge Chin then began reading his statement from the. I would literally take his naturalization petition, which I have framed in my chambers, and hold it up to the citizens.". . 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. The authoritative record of NPRs programming is the audio record. Extraordinarily evil By the time Judge Chin entered his chambers on the morning of Monday, June 29, he had decided what his draft was missing, he said. "I also believe that Mr. Madoff was never truly remorseful, and that he. This material may not be published, broadcast, rewritten, or redistributed. PESCA: Cantor was hurt badly, but not ruined. Top McCarthy aide, House Oversight chair each met with Ashli Babbitt's mother But no man is.". I'm Melissa Block. Klayman explained that he and his client were concerned that Chin had ruled against them because Klayman had engaged in activities that some had portrayed as being anti-Asian. "They're now Madoff schemes. And I got into Bernie Madoff. It feels like the nightmare we can't wake from," said Carla Hirshhorn. Mr Madoff is survived by his wife, Ruth Madoff, who maintained she was unaware of the scheme and was never charged. This contrasted with Madoff's attorney, Ira Sorkin, who spoke in a halting and, at times, qualified language. His grandfather had already established himself in America as a waiter, and his father became a chef and his mother worked as a seamstress. For an optimal experience visit our site on another browser. On Thursday, Judge Denny Chin who had handed down Mr. Madoff's 150-year sentence more than a decade ago in New York denied the request. ", Trending News Bernie Madoff, a Wall Street financier disgraced after he admitted to one of the biggest frauds in US financial history, has died in prison at age 82. All rights reserved. A defendant should get his just deserts, he remembered thinking. Splitting the baby, to me, was sending the wrong message, he said. Attorneys as well, even if the eventual goal is private practice, because it is rewarding work and a great experience, and also gives you "instant credibility" among judges. Senior Judge Denny Chin of the U.S. Court of Appeals for the Second Circuit. From his decision ruling that Megan's Law could not be applied retroactively to offenders convicted before the law was enacted (earning him the unwelcome nickname of "pervert's pal" from detractors), to his decision overruling former Mayor Rudy Giuliani's decision to block the Million Youth March, led by controversial black power leader Khallid Abdul Muhammad, Chin sees it all. He had also received an e-mail that day from Gabriel W. Gorenstein, a magistrate judge who had reached into the wooden wheel that is used to randomly assign cases in the courthouse and selected an envelope that contained Judge Chins name. 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.. Bernard Madoff, the one-time Wall Street titan who orchestrated one of the largest frauds in history, has died in prison aged 82. Judge Denny Chin, who now sits on the 2nd U.S. His clients, many Jews like Madoff and Jewish charities, said they didn't know. His own son attended Stuyvesant High School, a top public school in New York which bases admittance solely on a test. Madoff responded: "There is no innocent explanation.". The convicted swindler stood before the judge and his victims and said, I live in a tormented state knowing the pain and suffering I've created. [8][9], President Bill Clinton nominated Chin to the Southern District bench on March 24, 1994, to a new seat created by 104 Stat. He cheated his victims out of their money so he and his wife could live a life of luxury beyond belief.. 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.". Get browser notifications for breaking news, live events, and exclusive reporting. Garland testifies before Senate panel amid ongoing special counsel probes, Colon cancer rates rising in younger age group, study finds, Firefighter dies battling blaze in downtown Buffalo, mayor says, 20,000 people may have been exposed to measles at Asbury University revival, Prosecution wraps its case at Alex Murdaugh murder trial, Top McCarthy aide, House Oversight chair each met with Ashli Babbitt's mother, What to know about Shigella bacteria as drug-resistant strain spreads, Ex-Georgia star Jalen Carter was racing in deadly crash, arrest warrants allege, Fiery train crash in Greece kills dozens, many of them students, 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. He invited them in, and then confessed after being asked if theres an innocent explanation, a criminal complaint said. With membership, the site offered the options of chat rooms, surveys, and "vids and pics" for "people who like kids." Mr. IRWIN CANTOR: I'm a professional loser, yeah. "I am embarrassed and ashamed," she said. As well as Wiesel, investors in Madoffs company included the actors Kevin Bacon, Kyra Sedgwick and John Malkovich, and the Hollywood director Steven Spielberg. 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. "When Peter or Bernie said something that they were going to do, their word was their bond," Morling said in a 2008 interview. In November 2013, Chin dismissed Authors Guild et al. Im surprised Chin didnt suggest stoning in the public square, he added. 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. 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 . When asked what types of questions he asks clerkship candidates, Chin said he always asks candidates to tell him about themselves. Last year, Mr Madoff requested early release from prison citing health problems, including kidney disease. He was not bound by that figure, and he considered going beneath it, he said. "It may be disgusting, but it's protected activity," he said. Denny Chin, Southern District of New York Court site, "Chin Shares Experiences as Federal District Court Judge, https://en.wikipedia.org/w/index.php?title=Denny_Chin&oldid=1133235341, This page was last edited on 12 January 2023, at 20:46. [5] He graduated magna cum laude with a B.A. I said to my interns, What do you think? he recalled. 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