A Bankruptcy or Magistrate Judge? The judge called Madoff's deeds "extraordinarily evil," and said he needed to send a symbolic message to those who might try to perpetuate a comparable fraud. 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. In an interview with The Washington Post he said he had "made a terrible mistake. The Associated Press contributed to this report. 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 had no values, former investor Tom Fitzmaurice told the judge at the sentencing. 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. 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 has already been ordered to forfeit assets worth more than $170 billion the amount prosecutors say "flowed into the principal account to perpetrate the Ponzi scheme." Klayman later alleged in a brief that because minorities cannot obtain positions in high places without the support of their communities, Chin could not have gotten his appointment without the support of John Huang. First came Dominic Ambrosino, a former corrections officer, a guy who used to be on the right side of the prison bars, as he said. Outside the court, other victims assemble. Judges are advised to give the toughest sentences to those who have stolen up to $400 million. 2023 BBC. They had a $7 million Manhattan apartment, an $11 million estate in Palm Beach, Florida, and a $4 million home on the tip of Long Island. But unbeknown to his thousands of victims, he was running a Ponzi scheme that wiped out at least $17.5bn in savings. DiPascali recounted for jurors how just before the scheme was exposed, Madoff called him into his office. 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. 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. But family members as well as brokerages that recruited investors have come under intense scrutiny by the FBI, regulators and a court-appointed trustee overseeing the liquidation of Madoff's assets. After the meeting, a lawyer for the family contacted regulators, who alerted federal prosecutors and the Federal Bureau of Investigation. "How could somebody do this to us? Mr. GEORGE NIERENBERG: I called him Madoff. PESCA: Words tumbled out of some victims, others vacillated between tears and rage. 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. 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. Denny Chin is a United States Circuit Judge for the United States Court of Appeals for the Second Circuit. Madoff, 82, died at the Federal Medical Center in Butner, North Carolina, the bureau said in a statement. On March 12, Madoff pleaded guilty to securities fraud and other charges, saying he was "deeply sorry and ashamed." The court heard from some in his position and some who said Bernard Madoff robbed their entire savings. We trusted everything in his hands," Nobel Peace Prize winner Elie Wiesel, whose foundation lost $15.2 million, said in 2009. 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 then specialized in employment law at another firm. 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. 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. He decided to review it again the following day. 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. His son Mark also killed himself on the second anniversary of his father's arrest. 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. Top McCarthy aide, House Oversight chair each met with Ashli Babbitt's mother Chin spoke informally to students in a discussion organized by the Asian Pacific American Law Students Association (APALSA) April 1 at the Law School. 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. 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. 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. "When I sentenced Mr. Madoff in 2009, it was . As Judge Denny Chin noted, the Madoff take is quite literally off the charts. Bernie Madoff leaves federal court in 2009. 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. This text may not be in its final form and may be updated or revised in the future. The order left her with $2.5 million. A former chairman of the Nasdaq stock market, he attracted a devoted legion of investment clients from Florida retirees to celebrities such as famed film director Steven Spielberg, actor Kevin Bacon and Hall of Fame pitcher Sandy Koufax. "It was a very vigorous job process because once you have the job you have it for life," he added. That was the number of victims allowed to speak. A former law clerk had e-mailed him to say that more than a dozen television trucks were already lined up near the courthouse. "Although the crimes Bernie was convicted of have come to define who he was - he was also a father and a husband. 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. [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. His other son, Andrew, died of cancer in 2014. 5089. Denny Chin is a federal judge on senior status with the United States Court of Appeals for the 2nd Circuit. "When Peter or Bernie said something that they were going to do, their word was their bond," Morling said in a 2008 interview. His family moved to the United States in 1956 from Hong Kong under the Refugee Relief Act when he was just 2 years old. Mr. CANTOR: I wasn't doing as well as I could've been (unintelligible). "The law naturally appealed to me, in part because of the challenges we faced growing up," Judge Chin recalls in the video. He saved the document at 9:12 a.m., printed it and soon headed for the 10 a.m. hearing which, because of the expected crowds, would be held in the courts expansive ceremonial courtroom. As he had from the start, Madoff insisted in his plea that he acted alone something the FBI never believed. Copyright 2023 CBS Interactive Inc. All rights reserved. The company previously called the lawsuit "completely without merit." Five went on trial in late 2013 and watched DiPascali take the witness stand as the government's star witness. Prosecutors let her keep $2.5m from the the $825m fortune the couple once possessed. Google. As well as Wiesel, investors in Madoffs company included the actors Kevin Bacon, Kyra Sedgwick and John Malkovich, and the Hollywood director Steven Spielberg. "I saw what a great job [being a federal judge] was," he said. "The Michigan case is a tough case because of the way it's done with the numbers.". [18] Larry Stewart was acquitted by a jury. How could this be real? 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, Ponzi schemer Bernie Madoff dies in prison at 82. The request was denied. Madoff's other son, Andrew, died from cancer at age 48. 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. I do not agree, Judge Chin wrote about the victims. The report said the trustee has located assets and businesses "of interest" in 11 places: Great Britain, Ireland, France, Luxembourg, Switzerland, Spain, Gibraltar, Bermuda, the British Virgin Islands, the Cayman Islands, the Bahamas. Mr. RON WEINSTEIN: We were taken by surprise, as every other victim. There, with his brother and later two sons, he ran a legitimate business as middlemen between the buyers and sellers of stock. "The federal court is the place to be.". Bernie was by no means perfect. 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. 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.. 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. He was soft spoken and an intellectual. He was a United States District Judge of the United States District Court for the Southern District of New York before joining the federal appeals bench. A defendant should get his just deserts, he remembered thinking. Judge Chin, who joined the Second Circuit bench in 2010, recalls how he moved from Hong Kong to New York City at the age of 2. Both of Madoff's sons have died, Andrew from cancer at age 48 and Mark from suicide at age 46 in 2010. Updated on: April 14, 2021 / 7:00 PM "Bernie, up until his death, lived with guilt and remorse for his crimes," his lawyer Brandon Sample said in a statement. The request was denied. [9], On October 6, 2009, President Obama nominated Chin to the United States Court of Appeals for the Second Circuit. 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. He has also presided over two sessions of the Southern District of New York's RISE (Reentry through Intensive Supervision and Employment) Court, a program to help individuals with convictions reenter society after completing their prison terms. This site is maintained by the Administrative Office of the U.S. Courts on behalf of the Federal Judiciary. A graduate of Princeton, Chin couldn't get a paying job after his first year at the Fordham University School of Law, so he interned for a judge in New York's Southern District, then clerked for the same judge following graduation. 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. PESCA: Judge Chin had the last word, saying he believed investor losses to be closer to $60 billion. 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. The order left her with $2.5m. Chin was born in 1954 in Kowloon, Hong Kong and came to the U.S. in 1956. Yet symbolism was important, he said, given the enormity of Mr. Madoffs crimes. [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. "We thought he was God. Menaka Guruswamy, Arundhati Katju Helped Win Landmark Ruling in India, Consumer Information (ABA Required Disclosures), Asian Pacific American Law Students Association (APALSA), Jamar Walker 11 Makes History as First LGBT Federal Judge in Virginia, Sean Onwualu 24 Trades in Playbooks for Casebooks, LGBT Rights Litigators To Receive Jefferson Medals in Law, Big Data and War: Can a Cyberattack Warrant an Armed Response? [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. His 8-year-old felt torn and said, "'I love the Knicks, but I love Yao.'" Madoff was sent to do what amounted to a life sentence at Butner Federal Correctional Complex, about 45 miles northwest of Raleigh, North Carolina. 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. Chin assumed senior status on June 1, 2021. Splitting the baby, to me, was sending the wrong message, he said. 2021 CBS Interactive Inc. All Rights Reserved. 2023 by the Rector and Visitors of the University of Virginia. He stole from the poor. For an optimal experience visit our site on another browser. Judge Chin graduated from Princeton University magna cum laude and received his law degree from Fordham Law School. 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. [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. Ruth is still living. The terms require the Madoffs to sell a $7 million Manhattan apartment where Ruth Madoff still lives. [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. 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. Madoff was in a bathrobe when two FBI agents arrived at his door unannounced on a December morning. 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 was not bound by that figure, and he considered going beneath it, he said. U.S. District Judge Denny Chin showed no mercy, sentencing Madoff to the maximum 150 years in prison. [21], He was assigned the Google Book Search Settlement Agreement case on January 8, 2009, after the death of the previous supervising judge. You would've never saw it coming. School teachers, farmers, mechanics and many others also lost money. But he decided that 150 years would send a loud, decisive 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. "He turned to me and he said, crying, 'I'm at the end of my rope. Another son, Andrew, died from cancer at age 48. [8][9], President Bill Clinton nominated Chin to the Southern District bench on March 24, 1994, to a new seat created by 104 Stat. [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. display: block; How do you excuse deceiving your family, your investors and an industry you spent your life trying to improve? "I cannot adequately express how sorry I am for what I have done," he said in March 2009, when he pleaded guilty. 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. He stole from the poor. 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. When Klayman appealed, the 2nd Circuit affirmed Chin's sanctions. "It's real important for you to be involved," he said. 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. He called clerking "difficult," but rewarding at the federal court level. From NPR News, this is ALL THINGS CONSIDERED. "That's something I live with, as well," he said. "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. "Like everyone else, I feel betrayed and confused. Madoff himself spoke in a monotone for about 10 minutes. "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.". That summer he mapped out his career and followed it almost to the letter. He would include the story in his draft. Madoffs scam cost Wiesels foundation $15.2m. In the headlines and news accounts that followed, the words extraordinarily evil seemed to be everywhere. Judge Denny Chin explains his reasoning. 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. Visit our website terms of use and permissions pages at www.npr.org for further information. [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). He insisted that he acted alone, describing a separate wholesale stock-trading firm run by his sons and brother as legitimate. "The man who committed this horrible fraud is not the man whom I have known for all these years. In November 2013, Chin dismissed Authors Guild et al. Wiesel described him as one of the greatest scoundrels, thieves, liars, criminals. In doing so, he seemed to find a way to translate societys rage into a number. Courthouse, 40 Foley Square, New York, NY 10007 | (212) 857-8500. 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 ugly truth: No securities were ever bought or sold. He joined the court in 2010 after an appointment by President Barack Obama (D). His service as a district court judge was terminated on April 26, 2010, when he was elevated to the United States Court of Appeals for the Second Circuit. "You see how our system works," he said. 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. 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. US District Judge Denny Chin showed no mercy, sentencing Madoff to the maximum 150 years in prison. Judge Chin says he understood Mr. Sorkins goal. This material may not be published, broadcast, rewritten, or redistributed. When it came Madoff's time to talk, he rose and kept two fists balled on the table as if for ballast. Bernard Madoff exits federal court March 10, 2009, in New York City. hide caption. "[6] While a student at Princeton, Chin was a staff writer and later managing editor at The Daily Princetonian. display: none; Madoff's other son, Andrew, died from cancer at age 48. 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. Denny Chin is a United States Circuit Judge for the United States Court of Appeals for the Second Circuit. Don't you get it? He stole from the rich. A spokeswoman for the company did not immediately return a telephone message. Subscribe to be notified when the news section is updated. 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. I don't think so," he said. "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. Citing data that showed Mr. Madoff, who was then 71, could expect to live about 13 more years, Mr. Sorkin asked for a term of 12 years just short of an effective life sentence, as he put it suggesting that Mr. Madoff might be allowed a year of freedom before he died. Mr Madoff is survived by his wife, Ruth Madoff, who maintained she was unaware of the scheme and was never charged. 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. I went to a very dear friend and asked him to do me a big favor, and he did. With membership, the site offered the options of chat rooms, surveys, and "vids and pics" for "people who like kids." Judge Chin also learned that day that Mr. Madoff would plead guilty to all 11 counts against him, including fraud, money laundering and perjury. In a meeting with his sons, he confided that his business was "all just one big lie.". 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