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This site is maintained by the Administrative Office of the U.S. Courts on behalf of the Federal Judiciary. Madoff was sentenced to 150 years in prison for his monumental fraud. Authorities say that over the years, at least $13 billion was invested with Madoff. Mr. RON WEINSTEIN: We were taken by surprise, as every other victim. [12] Chin assumed senior status on June 1, 2021. "There's no cure for my type of disease. #inline-recirc-item--id-942a1cd6-8c88-11e2-b06b-024c619f5c3d, #right-rail-recirc-item--id-942a1cd6-8c88-11e2-b06b-024c619f5c3d { Victims of Mr Madoff's fraud included celebrities and everyday people, At the crash site of 'no hope' - BBC reporter in Greece. But the most forceful number in federal court this morning was nine. "It was clear the only reason he asked me these questions was because I'm Asian-American," Chin said. Circuit Court of Appeals, noted the continuing suffering of Madoff's thousands of victims who lost $17.5 billion when a decades-long scheme that . 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. As Judge Denny Chin noted, the Madoff take is quite literally off the charts. I said to my interns, What do you think? he recalled. He became so hated he had to wear a bulletproof vest to court. "We never quite got the hang of developing business that was the hard part," he said. We did nothing wrong," said Dominic Ambrosino, a retired New York City corrections officer. 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. ", Trending News Circuit Judge for the Second Circuit)", "2nd Circ. Chin spent much of his statement utterly dismissing each argument the Madoff team put forth. Wiesel described him as one of the greatest scoundrels, thieves, liars, criminals. I said, So basically youre splitting the baby? the judge remembered. 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. Timothy A. Clary/AFP/Getty Images "You see how our system works," he said. His criminal behavior devastated the lives of his victims, leading to suicides, bankruptcies and home losses. As far as we know, Sorkin said, there was no ferreting away of funds. He insisted that he acted alone, describing a separate wholesale stock-trading firm run by his sons and brother as legitimate. He had no values, former investor Tom Fitzmaurice told the judge at the sentencing. 2021 CBS Interactive Inc. All Rights Reserved. "In nine years I've had two incidents and I think I dealt with them just fine," Chin said. 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.". He directed Klayman to explain the letter and in open court Klayman stated that he had written the letter because Chin was Asian. Get browser notifications for breaking news, live events, and exclusive reporting. "I cannot adequately express how sorry I am for what I have done," he said in March 2009, when he pleaded guilty. U.S. Court of Appeals Judge Denny Chin, of New York City, is a naturalized citizen. Fraudster sentenced to 150 years in jail dies from natural causes, New York financier ran scheme that cheated investors of billions. Then he. 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. An old IBM computer cranked out monthly statements showing steady double-digit returns, even during market downturns. He recalled that as he had thought about Mr. Madoffs conduct, two words came to mind: extraordinarily evil.. Roadways to the Bench: Who Me? 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. A Class of 1975 graduate, Chin was the first Asian American appointed as a United States District Judge outside of California and Hawaii. After the war, as an employee of Columbia Records, he helped create the 3313 rpm long-playing record. dismissed a lawsuit by a Florida man who blamed the Atkins. 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. 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. Madoff himself spoke in a monotone for about 10 minutes. After the sentencing, Ruth Madoff said in a statement that she felt "betrayed and confused" by the actions of her husband. He invited them in, then confessed after being asked "if there's an innocent explanation," a criminal complaint said. 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. Please enter valid email address to continue. 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. And there we are. But he decided that 150 years would send a loud, decisive message. 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. He joined the court in 2010 after an appointment by President Barack Obama (D). [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. Most judges will tell you that sentencing is the most difficult thing we do, he said. 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. He stole from the rich. 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.. The man who committed this horrible fraud is not the man whom I have known for all these years.". President Bill Clinton nominated Chin to the district court on March 24, 1994, and Chin was confirmed August 9 of that same year. Both of Madoff's sons have died, Andrew from cancer at age 48 and Mark from suicide at age 46 in 2010. 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. 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. "One of the best things I did as a judge over the years was to preside over the naturalization ceremony. He was not bound by that figure, and he considered going beneath it, he said. 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. Amanda Leith, a lawyer for NBC Universal, had no comment on the ruling. Of the more than $17bn in cash losses, more than $14bn has been recovered. The scam involved an estimated $65bn, a figure that included gains Mr Madoff's clients believed they had made due to fake account statements. A court-appointed trustee recovered more than $13bn of an estimated $17.5bn that investors put into Madoffs business. He cheated his victims out of their money so he and his wife could live a life of luxury beyond belief.. "I also believe that Mr. Madoff was never truly remorseful, and that he. 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. Madoff's other son, Andrew, died from cancer at age 48. Imposing a 150-year sentence in 2009, judge Denny Chin called Madoff's crimes "extraordinarily evil". 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. Disgraced financier Bernard Madoff was sentenced Monday to 150 years for his monumental Ponzi scheme. That summer he mapped out his career and followed it almost to the letter. [26] Chin explained that imposing the maximum sentence on Madoff was appropriate because he had concluded that Madoff's crimes were "staggering" and "extraordinary evil" and wanted the sentence to have a stronger deterrent effect. The Associated Press contributed to this report. Although he went through an extensive background check, "my confirmation hearing took about five minutes, maybe three minutes it was that simple.". Please enter valid email address to continue. On the Sunday before sentencing, the judge returned to the roughly 450 e-mails and letters that had come from victims. That was the number of victims allowed to speak. He invited them in, and then confessed after being asked if theres an innocent explanation, a criminal complaint said. Bernard Madoff, right, leaves US . 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. NYT reporter: Son's suicide gave Madoff sense of contrition, Author: Madoffs kin likely didnt know of scam. "The man who committed this horrible fraud is not the man whom I have known for all these years. 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. [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. But I did not believe he was genuinely remorseful, he recalled. v. 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 . 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. Judge Chin is the recipient of the Woodrow Wilson Award from Princeton University, the Spirit of Excellence Award from the American Bar Association, the Edward Weinfeld Award from the New York County Lawyers Association, the Lifetime Achievement Award from Judicial Friends, the Abely Award for Leading Women and Children to Safety from Sanctuary for Families, the Medal of Achievement from the Fordham Law Alumni Association, and the J. Edward Lumbard Award from the U.S. Attorney's Office for the Southern District of New York. The list of those scammed included actor Kevin Bacon, Hall of Fame baseball player Sandy Koufax and film director Steven Spielberg's charitable foundation, Wunderkinder. Totally a nice guy, understated, unassuming, fell for it lock, stock and barrel. 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. [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. ", First published on April 14, 2021 / 9:47 AM. 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. Because federal prisoners cannot be released before at least 85 percent of their sentences are served, it seems certain that Madoff will spend the rest of his life in confinement. In McCosh Hall, outside Room 50 hangs a portrait of Judge Denny Chin. C.W. From his grandfather, a waiter, and his father, a cook in Hell's Kitchen,. 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. "When Peter or Bernie said something that they were going to do, their word was their bond," Morling said in a 2008 interview. Thurgood Marshall U.S. 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. He was confirmed in April 2010 and took senior status in June 2021. All rights reserved. His death was announced by the Bureau of Prisons. 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. Cheryl Weinstein said, Bernard Madoff dresses like us, walks like us, eats and drinks like us, but underneath, he is a beast. Denny Chin is a federal judge on senior status with the United States Court of Appeals for the 2nd Circuit. 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 mean, serial killers get a death sentence, but thats virtually what he gave me.. In the middle of his trial, Wyatt changed his plea to guilty as part of a plea bargain with the government. With membership, the site offered the options of chat rooms, surveys, and "vids and pics" for "people who like kids." On March 12, 2009, Madoff pleaded guilty to 11 federal charges relating to the scheme. 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. A defendant should get his just deserts, he remembered thinking. "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. ", 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.". 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). On October 6, 2009, President Barack Obama nominated Chin to the Second Circuit. Mr. Madoff, speaking by phone from federal prison in Butner, N.C., said he believed that Judge Chin went along with the mob psychology of the time., Explain to me who else has received a sentence like that, Mr. Madoff said. 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. To Judge Chin, Mr. Madoff seemed sad, almost as if he were grieving. Chin tossed out many of Patricia Conradt's claims but said her principal claims could proceed to trial. And I got into Bernie Madoff. 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. [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. You would've never saw it coming. Madoff's other son, Andrew, died from cancer at age 48. [2][3][4] Chin was the first Asian American appointed as a United States District Judge outside of the Ninth Circuit. Mr Madoff,the son of European immigrants who grew up in New York,set up his eponymous firm Bernard L Madoff Investment Securities in 1960. "He'd been staring out the window the all day," DiPascali testified. [24], In 2016, Chin joined the panel that upheld Tom Brady's suspension by Commissioner Roger Goodell for the Deflatgate scandal, In 2009 Chin presided over U.S. v. Madoff. Chin sentenced Kumar to 2 years of probation. He decided to review it again the following day. He began his Wall Street career in 1960 alongside his brother Peter with a few thousand dollars saved from working as a lifeguard and installing sprinklers. In her lawsuit, Patricia Conradt claims a police officer at the scene of the shooting told a "Dateline" producer: "That'll make good TV. 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.". "The law naturally appealed to me, in part because of the challenges we faced growing up," Judge Chin recalls in the video. . Mr. Ambrosino's motor home is no longer for vacations. "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.". We trusted everything in his hands," Nobel Peace Prize winner Elie Wiesel, whose foundation lost $15.2 million, said in 2009. "Like everyone else, I feel betrayed and confused. "We're in a complicated situation. "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. 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. Pence won't commit to supporting Trump if he's the nominee [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. He graduated from Stuyvesant High School in 1971. NPR transcripts are created on a rush deadline by an NPR contractor. US District Judge Denny Chin showed no mercy, sentencing Madoff to the maximum 150 years in prison. "I am embarrassed and ashamed," she said. tally fair than Denny Chin." As a federal district judge, Judge Chin presided over a number of high-profile cases. On March 23, 2011, Chin rejected Google's plan to digitize every book published, saying the plan violated copyright laws. He knew he would be arriving at work early. Mr. GEORGE NIERENBERG: I called him Madoff. Courthouse, 40 Foley Square, New York, NY 10007 | (212) 857-8500. Copyright 2023 CBS Interactive Inc. All rights reserved. Ruth is still living. At the time, both were being investigated for alleged illegal fundraising activities. 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. Thanks (I guess) for spinning the wheel in my favor! Judge Chin wrote back. [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. 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. 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. Yet symbolism was important, he said, given the enormity of Mr. Madoffs crimes. 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. Bernard Madoff pleads guilty Topics North Carolina Earlier this week, Judge Denny Chin (S.D.N.Y.) 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. Andrew Denney. 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.". 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. Top McCarthy aide, House Oversight chair each met with Ashli Babbitt's mother In court, Mr Madoff said that when he started the scheme in the 1990s, he hoped it would only be for a limited time. [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. 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. VideoAt the crash site of 'no hope' - BBC reporter in Greece, Sake brewers toast big rise in global sales, The Indian-American CEO who wants to be US president, How 10% of Nigerian registered voters delivered victory, Blackpink lead top stars back on the road in Asia, Exploring the rigging claims in Nigeria's elections, 'Wales is in England' gaffe sparks TikToker's trip. 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. 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. Moreover, any sentence of less than 150 years could be seen as showing him mercy. Madoff's lawyers had dubbed the sentence beyond 12 years as having no practical purpose. Chin slept with his four siblings in the living room of a one-bedroom apartment, a situation he said was common in his neighborhood. 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. Chin presided over the criminal trial of Oscar Wyatt, the Texas oil executive accused of making kick-backs to the Saddam Hussein regime during the UN Oil-For-Food Program. This material may not be published, broadcast, rewritten, or redistributed. Madoff pleaded guilty in March 2009 to securities fraud and other charges, saying he was "deeply sorry and ashamed.". 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. Judge Denny Chin explains his reasoning. Five went on trial in late 2013 and watched DiPascali take the witness stand as the government's star witness. Don't you get it? Responding to a question from Second Circuit Court of Appeals Judge Denny Chin on whether local authorities could investigate the president under that hypothetical, Consovoy replies: "I think once . 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. 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. display: none; "We will have to sell our home and hope to survive on Social Security alone.". Judge Chin graduated from Princeton University magna cum laude and received his law degree from Fordham Law School. 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. Cheers and applause erupted from the gallery as Chin announced the verdict. 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.. 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. "I'm looking for people who are smart, I'm looking for people I can work with," said Chin, who gets 500 applications for clerkships every year. Law. Judge Denny Chin, who now sits on the 2nd U.S. Pak was convicted by a jury and sentenced by Chin to 5 years in prison.[20]. Early life. In the 1980s, Bernard L. Madoff Investment Securities occupied three floors of a midtown Manhattan high-rise. His 8-year-old felt torn and said, "'I love the Knicks, but I love Yao.'" Bernie Madoff leaves federal court in 2009. Judge Denny Chin spoke informally to students at an event sponsored by APALSA April 1. It feels like the nightmare we can't wake from," said Carla Hirshhorn. [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.

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