Judge Chin would impose a term of 150 years on Mr. Madoff, perhaps the most stunning and widely discussed sentencing in the history of American white-collar crime. ", "I'm terminally ill," he said. 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 son Mark also killed himself on the second anniversary of his father's arrest. 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. He said he struggled to find the right number the just sentence, as he described it. 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. Both of Madoff's sons have died, Andrew from cancer at age 48 and Mark from suicide at age 46 in 2010. Then Madoff turned and faced the victims and said, I know this will not help, I am sorry. 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. "The Michigan case is a tough case because of the way it's done with the numbers.". He was the sixth judge to address a motion to suppress in cases around the country, and he was the first to grant the motion. [1] [2] Prior to his appointment, Chin served as a judge on the United States District Court for the Southern . Top McCarthy aide, House Oversight chair each met with Ashli Babbitt's mother The bureau said Madoff's cause of death would be determined by a medical examiner. Judge Chin also learned that day that Mr. Madoff would plead guilty to all 11 counts against him, including fraud, money laundering and perjury. "We're in a complicated situation. 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. "One of the best things I did as a judge over the years was to preside over the naturalization ceremony. It feels like the nightmare we can't wake from," said Carla Hirshhorn. Chin spent much of his statement utterly dismissing each argument the Madoff team put forth. 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. And there we are. When asked about affirmative action, Chin expressed mixed feelings. In McCosh Hall, outside Room 50 hangs a portrait of Judge Denny Chin. 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 was not bound by that figure, and he considered going beneath it, he said. To Judge Chin, Mr. Madoff seemed sad, almost as if he were grieving. Another dilemma, he said, rested in the fact that because none of the counts against Mr. Madoff carried a sentence of life imprisonment (indeed, none carried more than 20 years), he could not impose a conventional life sentence. On the Sunday before sentencing, the judge returned to the roughly 450 e-mails and letters that had come from victims. Andrew Denney. NPR transcripts are created on a rush deadline by an NPR contractor. v. "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. ", Trending News Last year, Mr Madoff requested early release from prison citing health problems, including kidney disease. MIKE PESCA: Thirteen billion dollars - that is the most conservative estimate of the amount of money Bernard Madoff stole. display: none; 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. [8][9], Following a 1978 to 1980 clerkship with Judge Henry Werker in the Southern District, Chin worked for the law firm of Davis Polk & Wardwell from 1980 to 1982. The Madoff family took a severe financial hit: a judge issued a $171bn forfeiture order in June 2009, stripping Madoff of all his personal property, including real estate, investments, and $80m in assets his wife, Ruth, had claimed were hers. He called clerking "difficult," but rewarding at the federal court level. Madoff's other son, Andrew, died from cancer at age 48. Madoff pleaded guilty in March 2009 to securities fraud and other charges, saying he was deeply sorry and ashamed. A spokeswoman for the company did not immediately return a telephone message. Madoff's other son, Andrew, died from cancer at age 48. 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. [15] PTC and WWE settled out of court and, as part of the settlement agreement, the PTC paid WWF $3.5 million USD and PTC president Bozell issued a public apology. 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. 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. 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. I don't think so," he said. [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. } 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. Pak was convicted by a jury and sentenced by Chin to 5 years in prison.[20]. He also wrote that he had received no letters on Mr. Madoffs behalf: The absence of such support is telling.. That was the number of victims allowed to speak. Just thought Id give you the heads up, Judge Gorenstein wrote. DiPascali recounted for jurors how just before the scheme was exposed, Madoff called him into his office. 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.. At both levels, Judge Chin was the first Asian American federal judge outside the Ninth Circuit. 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. There, with his brother and later two sons, he ran a legitimate business as middlemen between the buyers and sellers of stock. 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. Flying bug found at Walmart turns out to be rare Jurassic-era insect Splitting the baby, to me, was sending the wrong message, he said. You would've never saw it coming. Read about our approach to external linking. From NPR News, this is ALL THINGS CONSIDERED. 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. This material may not be published, broadcast, rewritten, or redistributed. 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. How could this be real? The scam involved an estimated $65bn, a figure that included gains Mr Madoff's clients believed they had made due to fake account statements. 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. I said to my interns, What do you think? he recalled. Its a fair argument that you want to give someone some possibility of seeing the light of day, the judge said in an interview, so that they have some hope, and something to live for., And, he added, that was one of the struggles in Madoff., Judge Chin said he quickly rejected the idea of a 12-year sentence for Mr. Madoff, but pondered whether 20 to 25 years might be acceptable. "I realised that my arrest and this day would inevitably come.". 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. [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). "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.". Chin was born in 1954 in Kowloon, Hong Kong and came to the U.S. in 1956. Judge Chin graduated from Princeton University magna cum laude and received his law degree from Fordham Law School. "It was clear the only reason he asked me these questions was because I'm Asian-American," Chin said. Totally a nice guy, understated, unassuming, fell for it lock, stock and barrel. "Like everyone else, I feel betrayed and confused. More than 15,400 claims against Madoff were filed. The purpose of this site is to provide information from and about the Judicial Branch of the U.S. Government. 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 . Judge Denny Chin denied Mr Madoff's request, noting many victims were still suffering due to their financial losses. As NPR's Mike Pesca reports, that pain and suffering was evident in the court today. 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. Read about our approach to external linking. 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 . #inline-recirc-item--id-942a1cd6-8c88-11e2-b06b-024c619f5c3d, #right-rail-recirc-item--id-942a1cd6-8c88-11e2-b06b-024c619f5c3d { "It's real important for you to be involved," he said. [8][9], President Bill Clinton nominated Chin to the Southern District bench on March 24, 1994, to a new seat created by 104 Stat. To learn more, visit the following links: Related Topics:Judges & Judgeships, Public Education. The terms require the Madoffs to sell a $7 million Manhattan apartment where Ruth Madoff still lives. 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. But I did not believe he was genuinely remorseful, he recalled. [23], In 2012, Chin presided over the criminal sentencing of Anil Kumar, a senior executive of McKinsey and Company in the Galleon Group insider trading investigation. Judge Chin ran with that idea. 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. 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. 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. This material may not be published, broadcast, rewritten, or redistributed. His own son attended Stuyvesant High School, a top public school in New York which bases admittance solely on a test. [19], Chin presided over the criminal trial of Pak Dong-seon in connection with Pak's alleged involvement in the scandal surrounding the United Nations Oil-for-Food Program. Chin assumed senior status on June 1, 2021. The series of four-minute Pathways to the Bench vignettes can be used with high school students and youth groups to encourage them to overcome the inevitable obstacles on the way to their dreams. Now, all the money is gone, the judge said. In fact, today, when he did turn around and acknowledged the victims, I felt as if there was a satisfaction that I had actually penetrated. I would tell the new citizens about my grandfather. "In nine years I've had two incidents and I think I dealt with them just fine," Chin said. He then specialized in employment law at another firm. In the 1950s, he engineered and produced classical music albums for Angel Records. When asked what types of questions he asks clerkship candidates, Chin said he always asks candidates to tell him about themselves. 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. "We never quite got the hang of developing business that was the hard part," he said. Another son, Andrew, died from cancer at age 48. 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. 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. 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. 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. Mr. Ambrosino's motor home is no longer for vacations. It collapsed during the 2008 financial crisis. From 1994 until his appointment to the Second Circuit, he served as a United States District Judge for the Southern District of New York. The Associated Press contributed to this report. Money launderers 'prey on generation Covid', Human error to blame for train crash - Greek PM, At the crash site of 'no hope' - BBC reporter in Greece. Aside from an accountant accused of helping Madoff hide the scheme, no one else has been criminally charged. But no man is.". He encouraged students at the discussion to be Assistant U.S. At Madoff's sentencing in June 2009, wrathful former clients stood to demand the maximum punishment. Madoff, 82, died at the Federal Medical Center in Butner, North Carolina, the bureau said in a statement. His family moved to the United States in 1956 from Hong Kong under the Refugee Relief Act when he was just 2 years old. 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. At least two investors with Mr Madoff took their own lives after their losses. Although the judge did not tell his staff his own views that day, he made it clear that he would not choose a term arbitrarily, nor would he compromise with a number halfway between zero and 150 years. Imposing a 150-year sentence in 2009, judge Denny Chin called Madoff's crimes "extraordinarily evil". 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. 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. 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. 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. 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. School teachers, farmers, mechanics and many others also lost money. The Madoffs also took a severe financial hit: A judge issued a $171 billion forfeiture order in June 2009 stripping Madoff of all his personal property, including real estate, investments, and $80 million in assets his wife, Ruth, had claimed were hers. He is now a United States circuit judge for the Second Circuit. He had no values," former investor Tom Fitzmaurice told the judge at the sentencing. Moreover, any sentence of less than 150 years could be seen as showing him mercy. Although he went through an extensive background check, "my confirmation hearing took about five minutes, maybe three minutes it was that simple.". 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. When Klayman appealed, the 2nd Circuit affirmed Chin's sanctions. On one hand, many Asian-Americans have done very well in America, he said, but more recent immigrants often face serious problems and prejudice and might be deserving of some special consideration. His grandfather and father both worked in Chinese restaurants in New York City, while his mother worked as a seamstress in Chinatown's garment district. I still love the guy who got me in because he went down too. 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. PESCA: Cantor was hurt badly, but not ruined. This contrasted with Madoff's attorney, Ira Sorkin, who spoke in a halting and, at times, qualified language. 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. The order left her with $2.5 million. Bernard Madoff pleads guilty Topics North Carolina As of late 2008, the statements claimed investor accounts totaled $65 billion. Authorities later said that over the years, at least $13bn was invested with the company, which used an old IBM computer to crank out monthly statements showing steady double-digit returns, even during market downturns. 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. 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. His death was announced by the Bureau of Prisons. Good candidates will often lead the question into a conversation. Cheers and applause erupted from the gallery as Chin announced the verdict. ", First published on April 14, 2021 / 9:47 AM. "Although the crimes Bernie was convicted of have come to define who he was - he was also a father and a husband. This site is maintained by the Administrative Office of the U.S. Courts on behalf of the Federal Judiciary. The request was denied. 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. A Bankruptcy or Magistrate Judge? 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. U.S. Court of Appeals Judge Denny Chin, of New York City, is a naturalized citizen. If the mind can scarcely comprehend a figure so large, the federal sentencing guidelines don't even try. Tom Fitzmaurice accused Madoff of cheating his victims "so he and his wife, Ruth, could live a life of luxury beyond belief.". 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. I do not agree, Judge Chin wrote about the victims. In explaining how the 150-year sentence was symbolically important, he had neglected to include a third, crucial reason: retribution. 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. By contrast, "it's hard to say whether being Asian-American is going to place anyone at a disadvantage," he said. He felt that Mr. Madoffs conduct was so egregious, he said, that I should do everything I possibly could to punish him.. . 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. [8] He was an Assistant United States Attorney for the Southern District from 1982 to 1986. 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. Ruth is still living. So, you know, I've served. 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 . US District Judge Denny Chin showed no mercy, sentencing Madoff to the maximum 150 years in prison. tally fair than Denny Chin." As a federal district judge, Judge Chin presided over a number of high-profile cases. At the time, both were being investigated for alleged illegal fundraising activities. "Bernie, up until his death, lived with guilt and remorse for his crimes," his lawyer Brandon Sample said in a statement. He was confirmed in April 2010 and took senior status in June 2021. Founded in 1819, the University of Virginia School of Law is the second-oldest continuously operating law school in the nation. [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. Michael Livermore Weighs In, Podcast: Global Crisis Triggered by Knowledge Economy, Says Paul B. Stephan 77. They worked hard," said Thomas Morling, who worked closely with the Madoff brothers in the mid-1980s setting up and running computers that made their firm a trusted leader in off-floor trading. There was yet another home in the south of France, private jets and a yacht. 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. } On October 6, 2009, President Barack Obama nominated Chin to the Second Circuit. To Judge Chin, Mr. Madoff seemed sad, almost as if he were grieving. 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 . As well as Wiesel, investors in Madoffs company included the actors Kevin Bacon, Kyra Sedgwick and John Malkovich, and the Hollywood director Steven Spielberg. In court, Mr Madoff said that when he started the scheme in the 1990s, he hoped it would only be for a limited time. I mean, serial killers get a death sentence, but thats virtually what he gave me.. In 2008, Madoff pleaded guilty to orchestrating a massive Ponzi scheme, in which instead of investing cash, he paid off older investors with funds from new investors. Madoff's lawyers had dubbed the sentence beyond 12 years as having no practical purpose. Madoff pleaded guilty in March 2009 to securities fraud and other charges, saying he was "deeply sorry and ashamed.". Madoff, a former Nasdaq chairman, had earned a reputation as a trusted money manager with a track record of delivering stellar returns in good markets and bad. "How could somebody do this to us? Judge Denny Chin. Chin tossed out many of Patricia Conradt's claims but said her principal claims could proceed to trial. 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 . 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. Get browser notifications for breaking news, live events, and exclusive reporting. Material from The Associated Press was used in this report. 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.". But his investment advisory business was exposed in 2008 as a multibillion-dollar Ponzi scheme that wiped out people's fortunes and ruined charities and foundations. . 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. Mr. GEORGE NIERENBERG: I called him Madoff. I've served 11 years already, and, quite frankly, I've suffered through it.". Bernard Madoff exits federal court March 10, 2009, in New York City. [27], United States Court of Appeals for the Second Circuit, United States District Court for the Southern District of New York, United States Senate Committee on the Judiciary, Lies and the Lying Liars Who Tell Them: A Fair and Balanced Look at the Right, List of first minority male lawyers and judges in the United States, Hearings Before the Committee on the Judiciary, United States Senate, One Hundred Third Congress, First Session on Confirmations of Appointees to the Federal Judiciary, Part 4, "President Obama Nominates Judge Denny Chin for United States Court of Appeals for the Second Circuit, Judge O. Rogeriee Thompson for United States Court of Appeals for the First Circuit", "Judge Who Sentenced Madoff to Be Nominated to Higher Court", "Obama names Madoff case judge to fill Sotomayor spot", "U.S. District Judge Denny Chin to Address Spring 2009 Law Graduates", "The Old Ones of Chinatown: A Study of the Elderly Chinese", "Denny Chin | Office of the Executive Vice President", "Judicial Nomination Materials: 111th Congress", "On the Nomination (Confirmation Denny Chin, of New York, to be U.S. 450 e-mails and letters that had come from victims large, the judge said pain suffering. Kong and came to the maximum 150 years in prison. [ 20.... Pesca reports, that pain and suffering was evident in the court.... Investors with Mr Madoff 's lawyers had dubbed the judge denny chin son dies beyond 12 years as having no practical purpose me! Another firm, President Barack Obama nominated Chin to 5 years in.... 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