"It is probably the most important trial court in the country, given its location in New York City," Chin said. 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. [2][3][4] Chin was the first Asian American appointed as a United States District Judge outside of the Ninth Circuit. There were several more Asian-American faces in Madison Square Gardens that night too. His 8-year-old felt torn and said, "'I love the Knicks, but I love Yao.'" Madoff responded: "There is no innocent explanation.". [1] [2] Prior to his appointment, Chin served as a judge on the United States District Court for the Southern . 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. To Judge Chin, Mr. Madoff seemed sad, almost as if he were grieving. He began to consider how to articulate the message he wanted to send. "We're in a complicated situation. He directed Klayman to explain the letter and in open court Klayman stated that he had written the letter because Chin was Asian. "I cannot adequately express how sorry I am for what I have done," he said in March 2009, when he pleaded guilty. In the financial world, the story of his rise to prominence how he left for Wall Street with Peter in 1960 with a few thousand dollars saved from working as a lifeguard and installing sprinklers became legend. "He'd been staring out the window the all day," DiPascali testified. Madoff "made a very good impression," Wiesel said during a 2009 panel discussion on the scandal. Subscribe to be notified when the news section is updated. PESCA: Words tumbled out of some victims, others vacillated between tears and rage. 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. "Bernie, up until his death, lived with guilt and remorse for his crimes," his lawyer Brandon Sample said in a statement. Judge Denny Chin denied Mr Madoff's request, noting many victims were still suffering due to their financial losses. Judge Chin graduated from Princeton University magna cum laude and received his law degree from Fordham Law School. In a society governed by the rule of law, he wrote, the message had to be sent that Mr. Madoff would get what he deserves, and would be punished according to his moral culpability.. Extraordinarily evil - that was the judge's description today of the acts of Bernard Madoff. 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 slept with his four siblings in the living room of a one-bedroom apartment, a situation he said was common in his neighborhood. 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. UK banks were also among those who lost money, with HSBC Holdings saying it had exposure of around $1bn. 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.. "I am embarrassed and ashamed," she said. Before the sentence was handed down, Madoff faced the wrath of nine of the hundreds of people he cheated in the fraud that wiped out fortunes large and small. 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 . Good candidates will often lead the question into a conversation. A court-appointed trustee recovered more than $13bn of an estimated $17.5bn that investors put into Madoffs business. Please enter valid email address to continue. About a dozen Madoff employees and associates were charged in the federal case. Chin said he thought being Asian-American was an advantage for him because it gave him the opportunity to do good things, such as pro bono work for the Asian American Legal Defense and Education Fund. The scam involved an estimated $65bn, a figure that included gains Mr Madoff's clients believed they had made due to fake account statements. "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. Last year, Mr Madoff requested early release from prison citing health problems, including kidney disease. Chin's path to his judgeship offers a compelling parable of an immigrant's success. [16], In Fox v. Franken, Chin denied Fox News Channel (who alleged a trademark violation) an injunction against Al Franken's Book Lies and the Lying Liars Who Tell Them: A Fair and Balanced Look at the Right. This site is maintained by the Administrative Office of the U.S. Courts on behalf of the Federal Judiciary. In a meeting with his sons, he confided that his business was "all just one big lie.". Circuit Judge for the Second Circuit)", "2nd Circ. Madoff's chief financial officer, Frank DiPascali, said in a guilty plea in 2009 that the statements detailing trades were "all fake.". Like many of his clients, Madoff and his wife enjoyed a lavish lifestyle. 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. [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. He rules over civil and criminal cases, commercial cases, contract cases, murder cases, narcotics cases, "boiler room" cases and even the lawsuit regarding pictures published in Penthousethat were purportedly of tennis star Anna Kournikova; the real subject of the photos sued the magazine for printing pictures of her sunbathing topless on a public beach in Miami. On March 12, Madoff pleaded guilty to securities fraud and other charges, saying he was "deeply sorry and ashamed." "I think in time we'll get more Asian-American judges as these Asian-American litigators get more experience under their belts," he said. 2021 CBS Interactive Inc. All Rights Reserved. We did nothing wrong," said Dominic Ambrosino, a retired New York City corrections officer. 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. His family moved to the United States in 1956 from Hong Kong under the Refugee Relief Act when he was just 2 years old. On October 6, 2009, President Barack Obama nominated Chin to the Second Circuit. C.W. "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. Hundreds of spectators and dozens of victims lined up outside the United States Courthouse in New York on Monday for the sentencing of disgraced financier Bernard Madoff. At the time of Madoff's arrest, fake account statements were telling clients they had holdings worth $60 billion. 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.". This material may not be published, broadcast, rewritten, or redistributed. Mr. CANTOR: I wasn't doing as well as I could've been (unintelligible). He is now a United States circuit judge for the Second Circuit. In December 2008, as investors worried about the impending crisis started asked for their money back, Madoff called a family meeting at his Manhattan apartment, and confessed to his sons that the family business they both worked in was based on one big lie. Madoffs scam cost Wiesels foundation $15.2m. Madoff's wife, Ruth, is still living. Judge Denny Chin denied Mr Madoff's request, noting many victims were still suffering due to their financial losses. He recalled that as he had thought about Mr. Madoffs conduct, two words came to mind: extraordinarily evil.. He joined the court in 2010 after an appointment by President Barack Obama (D). Rather, they are doing what they are supposed to be doing placing their trust in our system of justice.. He confessed the problem to his sons, who went to the authorities. [8] He was an Assistant United States Attorney for the Southern District from 1982 to 1986. "The man who committed this horrible fraud is not the man whom I have known for all these years. 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. Biden to say in Afghanistan speech its time to end Americas longest war live, Original reporting and incisive analysis, direct from the Guardian every morning. Ruth is still living. 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. Madoff pleaded guilty in March 2009 to securities fraud and other charges, saying he was deeply sorry and ashamed. He also wrote that he had received no letters on Mr. Madoffs behalf: The absence of such support is telling.. I said to my interns, What do you think? he recalled. All rights reserved. Outside the courthouse, her husband Ron said they were so fooled by Madoff that they were proud when their son was hired to work for the man who would one day destroy his family's finances. 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. As far as we know, Sorkin said, there was no ferreting away of funds. I still love the guy who got me in because he went down too. v. How could this be real? He also is suing big money managers and investors for billions of dollars, claiming they were Madoff cronies who also cashed in on the fraud. His own son attended Stuyvesant High School, a top public school in New York which bases admittance solely on a test. The order left her with $2.5 million. He then specialized in employment law at another firm. He insisted that he acted alone, describing a separate wholesale stock-trading firm run by his sons and brother as legitimate. Chin wrote that a reasonable jury could find there was no legitimate law enforcement need for a heavily armed SWAT team to extract a 56-year-old prosecutor from his home when he was not accused of any actual violence and was not believed to have a gun. Madoff was born in 1938 in a lower-middle-class Jewish neighborhood in Queens. (Courtesy photo) Fordham's Center on Asian Americans and the Law, believed to be a first-of-its-kind institution . Chin spoke informally to students in a discussion organized by the Asian Pacific American Law Students Association (APALSA) April 1 at the Law School. In her lawsuit, Patricia Conradt claims a police officer at the scene of the shooting told a "Dateline" producer: "That'll make good TV. NPR transcripts are created on a rush deadline by an NPR contractor. The students were about 55 percent Asian-American, when the population in New York City is only about 10 percent Asian-American. Another son, Andrew, died from cancer at age 48. "But I did not believe he was genuinely remorseful," he recalled. Wiesel described him as one of the greatest scoundrels, thieves, liars, criminals. The order left her with $2.5 million. "I dug myself deeper into a hole" as the scheme progressed, Madoff said, adding that he would "live with this pain, this torment, for the rest of my life.". Madoff was sent to do what amounted to a life sentence at Butner Federal Correctional Complex, about 45 miles northwest of Raleigh, North Carolina. Judge Denny Chin denied Mr Madoff's request, noting many victims were still suffering due to their financial losses. He stole from the poor. Thanks (I guess) Judge Chin, 57, said he learned he had received the Madoff case from his staff as he entered his chambers on March 6, 2009, after a court proceeding. Although he went through an extensive background check, "my confirmation hearing took about five minutes, maybe three minutes it was that simple.". [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. 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. He had no values," former investor Tom Fitzmaurice told the judge at the sentencing. 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. 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. Mr Madoff had been serving a 150-year sentence after he pleaded guilty in 2009 to running a Ponzi scheme, which paid investors with money from new clients rather than actual profits. "It's real important for you to be involved," he said. Visit our website terms of use and permissions pages at www.npr.org for further information. But I did not believe he was genuinely remorseful, he recalled. ", First published on April 14, 2021 / 9:47 AM. A federal prison website listed his probable release date as November 11, 2139. From 1994 until his appointment to the Second Circuit, he served as a United States District Judge for the Southern District of New York. Madoff's other son, Andrew, died from cancer at age 48. Chin said the lawsuit contained sufficient facts to make it plausible that the suicide was foreseeable, that police had a duty to protect Conradt from killing himself, and that the officers and NBC acted with deliberate indifference. ", "I'm terminally ill," he said. In bankruptcy filings, trustee Irving Picard said family members "used customers' accounts as though they were their own," putting Madoff's maid, boat captain and house sitter in Florida on the company payroll and paying nearly $1 million in fees at high-end golf clubs in Florida and on Long Island, N.Y. Picard has sought to reclaim ill-gotten gains by freezing Madoff's business bank accounts and selling off legitimate portions of his firm, Bernard L. Madoff Investment Securities LLC. Applause broke out in the New York courtroom when the judge handed down the maximum sentence. 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. The list of those scammed included actor Kevin Bacon, Hall of Fame baseball player Sandy Koufax and film director Steven Spielberg's charitable foundation, Wunderkinder. Madoff's lawyers had dubbed the sentence beyond 12 years as having no practical purpose. U.S. District Judge Denny Chin showed no mercy, sentencing Madoff to the maximum 150 years in prison. And they kind of looked at each other and said yes. They agreed that it was probably not the best thing to do, he said. Soon after, Tom Fitzmaurice quoted his wife as saying, I cry every day when I see the look of pain and despair in my husband's eyes. Mr. Sorkin also proposed another option: 15 to 20 years. 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. 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. 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. Denny Chin is a United States Circuit Judge for the United States Court of Appeals for the Second Circuit. There, with his brother and later two sons, he ran a legitimate business as middlemen between the buyers and sellers of stock. 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. Judge Chin noted in the interviews that 20 or 25 years would have effectively been a life sentence for Mr. Madoff, and any additional years would have been purely symbolic. Get browser notifications for breaking news, live events, and exclusive reporting. The New York Times also interviewed Mr. Madoff, who offered his first comments about the judge and the sentence, which occurred two years ago on Wednesday. The United States Senate confirmed Chin on August 9, 1994, and Chin received his commission the next day. 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. Often thats the easy way out, but as we know from the old parable, that wasnt the right thing to do., The judge reflected on the frauds unprecedented scale, its duration over two decades and its thousands of victims. Imposing a 150-year sentence in 2009, judge Denny Chin called Madoffs crimes extraordinarily evil. ", 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.". 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. 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. 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 clearly represented something for a lot of people," he said. Among them was Nobel Peace Prize winner and Holocaust survivor Elie Wiesel, who recalled meeting Madoff years earlier at a dinner where they talked about history, education and Jewish philosophy not money. The probation department had recommended a 50-year term, while the defense lawyer had sought 12 years behind bars for his client. Read about our approach to external linking. "We thought he was God. PESCA: Cantor was hurt badly, but not ruined. After the meeting, a lawyer for the family contacted regulators, who alerted federal prosecutors and the Federal Bureau of Investigation. . On the Sunday before sentencing, the judge returned to the roughly 450 e-mails and letters that had come from victims. Read about our approach to external linking. After the war, as an employee of Columbia Records, he helped create the 3313 rpm long-playing record. I said, So basically youre splitting the baby? the judge remembered. The bureau said Madoff's cause of death would be determined by a medical examiner. From 1994 until his appointment to the Second Circuit, he served as a United States District Judge for the Southern District of New York. I would literally take his naturalization petition, which I have framed in my chambers, and hold it up to the citizens.". "I realised that my arrest and this day would inevitably come.". "I think you can overcome these things that's what I really think." [5] He graduated magna cum laude with a B.A. MIKE PESCA: Thirteen billion dollars - that is the most conservative estimate of the amount of money Bernard Madoff stole. Victims of Mr Madoff's fraud included celebrities and everyday people, At the crash site of 'no hope' - BBC reporter in Greece. display: block; In the 1980s, Bernard L. Madoff Investment Securities occupied three floors of a midtown Manhattan high-rise. In the headlines and news accounts that followed, the words extraordinarily evil seemed to be everywhere. In the middle of his trial, Wyatt changed his plea to guilty as part of a plea bargain with the government. By contrast, "it's hard to say whether being Asian-American is going to place anyone at a disadvantage," he said. "The Michigan case is a tough case because of the way it's done with the numbers.". 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. Chin sentenced Kumar to 2 years of probation. He called clerking "difficult," but rewarding at the federal court level. Pence won't commit to supporting Trump if he's the nominee 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 request was denied. This text may not be in its final form and may be updated or revised in the future. 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. 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. / AP. Judge Denny Chin: Born To Run Time for a quick break from Biglaw and bonuses. "It may be disgusting, but it's protected activity," he said. NYT reporter: Son's suicide gave Madoff sense of contrition, Author: Madoffs kin likely didnt know of scam. Madoff's case has become symbolic of Wall Street greed and a laissez-faire attitude toward federal oversight. Bernard Madoff exits federal court March 10, 2009, in New York City. display: none; With the sentencing of Bernard L. Madoff only a week away, Judge Denny Chin received a letter from Mr. Madoffs lawyer asking for a prison term substantially below the 150-year maximum. "Like everyone else, I feel betrayed and confused. Courthouse, 40 Foley Square, New York, NY 10007 | (212) 857-8500. Authorities say that over the years, at least $13 billion was invested with Madoff. He stole from the in between. [17], Chin also presided over the criminal prosecution of Larry Stewart, the handwriting expert who was accused of committing perjury during the trial of Martha Stewart (no relation). I said, Madoff turn around and acknowledge your victims. Ruth is still living. Madoff was sent to do what amounted to a life sentence at Butner Federal Correctional Complex, about 45 miles northwest of Raleigh, N.C. . 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.". "One of the best things I did as a judge over the years was to preside over the naturalization ceremony. As of late 2008, the statements claimed investor accounts totaled $65 billion. A Bankruptcy or Magistrate Judge? . "It's rare than an institutional client gets handed down to a woman.". There was yet another home in the south of France, private jets and a yacht. When it came Madoff's time to talk, he rose and kept two fists balled on the table as if for ballast. But what the SEC 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. Following his pleading, Chin revoked Madoff's $10 million bail and ordered him to report immediately to jail at the request of the federal prosecutors, citing that Madoff had both the resources and the incentive to flee before his formal sentencing. 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To learn more, visit the following links: Related Topics:Judges & Judgeships, Public Education. Michael Schwartz counted himself as lucky, at least compared to his disabled twin brother, whose ability to live in a good group home was destroyed by Bernie Madoff. This contrasted with Madoff's attorney, Ira Sorkin, who spoke in a halting and, at times, qualified language. "When I sentenced Mr. Madoff in 2009, it was . 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 had an intern quickly research relevant cases; he reviewed them and began writing, adding about 100 words to the draft. At least two investors with Mr Madoff took their own lives after their losses. At the time, both were being investigated for alleged illegal fundraising activities. [22] On April 18, 2016, the Supreme Court turned down an appeal. "[6] While a student at Princeton, Chin was a staff writer and later managing editor at The Daily Princetonian. Then Madoff turned and faced the victims and said, I know this will not help, I am sorry. 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. His grandfather had already established himself in America as a waiter, and his father became a chef and his mother worked as a seamstress. The order left her with $2.5m. 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. 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. But the most forceful number in federal court this morning was nine. "There's no cure for my type of disease. Frank DiPascali, the companys chief financial officer, said in a guilty plea in 2009 that the statements detailing trades were all fake. "He turned to me and he said, crying, 'I'm at the end of my rope. The whole goddamn thing is a fraud.'". As Judge Chin listened from the bench, nine of Mr. Madoffs victims described the devastation he had caused in their lives. At that point, the judge said, symbolism carried more weight.. As he had from the start, Madoff insisted in his plea that he acted alone something the FBI never believed. Covering the final, emotional hearing in Federal Judge Denny Chin's courtroom in downtown Manhattan in March 2009, I sat two rows behind Bernie--later sentenced to 150 years in prison--when. Chin spent much of his statement utterly dismissing each argument the Madoff team put forth. But it also took a toll in more personal terms. More than 15,400 claims against Madoff were filed. At various times, he referred to his monumental fraud as a "problem," "an error of judgment" and "a tragic mistake. Chin was born in 1954 in Kowloon, Hong Kong and came to the U.S. in 1956. Madoff responded: There is no innocent explanation.. Madoff was in a bathrobe when two FBI agents arrived at his door unannounced on a December morning. 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. The benefits of giving him hope were far outweighed by all of the other considerations.. His death was announced by the Bureau of Prisons. 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. 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Confided that his business was `` deeply sorry and ashamed. not believe he was Assistant. Text may not be in its final form and may be disgusting, but I love Yao. '.. And began writing, adding about 100 words to the United States in 1956 very impression... The Administrative Office of the amount of money Bernard Madoff exits federal court this morning nine. `` ' I 'm terminally ill, '' he said money, with his,! Acknowledge your victims Circuit judge for the Second Circuit financial officer, said in a meeting his. S wife, Ruth, is still living turned down an appeal 11, 2139 staff writer later.
April 2
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