UK banks were also among those who lost money, with HSBC Holdings saying it had exposure of around $1bn. PESCA: Judge Chin had the last word, saying he believed investor losses to be closer to $60 billion. [18] Larry Stewart was acquitted by a jury. School teachers, farmers, mechanics and many others also lost money. 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. "That's something I live with, as well," he said. That was the number of victims allowed to speak. 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. 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. US District Judge Denny Chin showed no mercy, sentencing Madoff to the maximum 150 years in prison. The ugly truth: No securities were ever bought or sold. Judge Denny Chin, who now sits on the 2nd U.S. In doing so, he seemed to find a way to translate societys rage into a number. It was symbolic. 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. Madoff responded: "There is no innocent explanation.". Judge Chin Leaving Seat, Along With Pa. Trial Judge - Law360", "Judge rejects Parents Television Council motion to Dismiss Lawsuit", "World Wrestling Entertainment Settles Lawsuit With Parents Television Council; Founder Brent Bozell Issues Apology", Judge Denies Application Involving Martha Stewart Trial Ink Expert, Government Witness in Martha Stewart Trial Not Guilty of Lying, Korean businessman guilty in oil-for-food case, Texas oilman Wyatt sentenced to year in prison, Google Wins: Court Issues a Ringing Endorsement of Google Books, Challenge to Google Books Is Declined by Supreme Court, "Anil Kumar gets 2 years' probation in Galleon case - The Boston Globe", Madoff Goes to Jail After Guilty Pleas to All Charges, Madoff Is Sentenced to 150 Years for Ponzi Scheme, "Judge Recounts His Thoughts in Madoff Sentencing", Hon. Afterward, Ruth Madoff often a target of victims' scorn since her husband's arrest broke her silence that same day by issuing a statement claiming that she, too, had been misled by her high school sweetheart. 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. Judge Denny Chin denied Mr Madoff's request, noting many victims were still suffering due to their financial losses. Although he went through an extensive background check, "my confirmation hearing took about five minutes, maybe three minutes it was that simple.". "Is there rampant racism? [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. "He turned to me and he said, crying, 'I'm at the end of my rope. 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. I'm Melissa Block. ", "I'm terminally ill," he said. He recalled when the Houston Rockets came to town, along with the team's new star, Yao Ming, his younger children were excited about going to the game. Madoff responded: There is no innocent explanation.. The judge ultimately concluded that even that would have been just way too low., In the end, I just thought he didnt deserve it, he said. [8] He was an Assistant United States Attorney for the Southern District from 1982 to 1986. ", 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.". A court-appointed trustee has recovered more than $13 billion of an estimated $17.5 billion that investors put into Madoff's business. "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. As NPR's Mike Pesca reports, that pain and suffering was evident in the court today. 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. 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. 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. More than 15,400 claims against Madoff were filed. He directed Klayman to explain the letter and in open court Klayman stated that he had written the letter because Chin was Asian. 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. Video, At the crash site of 'no hope' - BBC reporter in Greece, Harry and Meghan told to 'vacate' Frogmore Cottage, China and Belarus call for peace in Ukraine, Rare Jurassic-era bug found at Arkansas Walmart, Ed Sheeran says wife developed tumour in pregnancy, Dozens of girls treated after new Iran poisonings, Man survives 31 days in jungle by eating worms. 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. Yet symbolism was important, he said, given the enormity of Mr. Madoffs crimes. But it was not just the elite and large firms who were victims of the fraud. Just thought Id give you the heads up, Judge Gorenstein wrote. "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. Judge Chin ran with that idea. Thanks (I guess) for spinning the wheel in my favor! Judge Chin wrote back. At that point, the judge said, symbolism carried more weight.. Google. "I cannot adequately express how sorry I am for what I have done," he said in March 2009, when he pleaded guilty. Chin, a United States Circuit Judge for the Second Circuit, shared that as a first-generation Chinese American and first in his family to attend college, he arrived at Princeton 48 years ago alone on a bus he had taken from the Port Authority in New York City carrying two suitcases. When asked about affirmative action, Chin expressed mixed feelings. 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. [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. U.S. District Judge Denny Chin showed no mercy, sentencing Madoff to the maximum 150 years in prison. "When I sentenced Mr. Madoff in 2009, it was . 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." Now, all the money is gone, the judge said. Two interns, both law students, suggested a term of 75 years, but when the judge asked them why, he said, they had trouble articulating their reasons. He also wrote that he had received no letters on Mr. Madoffs behalf: The absence of such support is telling.. His grandfather had already established himself in America as a waiter, and his father became a chef and his mother worked as a seamstress. Judge Denny Chin spoke informally to students at an event sponsored by APALSA April 1. Five went on trial in late 2013 and watched DiPascali take the witness stand as the government's star witness. "When Peter or Bernie said something that they were going to do, their word was their bond," Morling said in a 2008 interview. A defendant should get his just deserts, he remembered thinking. 20,000 people may have been exposed to measles at Asbury University revival 2023 BBC. #inline-recirc-item--id-942a1cd6-8c88-11e2-b06b-024c619f5c3d ~ .item:nth-child(5) { Madoff died at the Federal Medical Center, a prison for inmates with health needs, in Butner, North Carolina, apparently from natural causes. "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.". The Associated Press contributed to this report. 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. Bernie Madoff was born in 1938 in a lower-middle-class neighborhood in the New York borough of Queens. Chin's path to his judgeship offers a compelling parable of an immigrant's success. 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. 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. In an interview with The Washington Post he said he had "made a terrible mistake. 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. There were several more Asian-American faces in Madison Square Gardens that night too. On March 12, 2009, Madoff pleaded guilty to 11 federal charges relating to the scheme. } In the headlines and news accounts that followed, the words extraordinarily evil seemed to be everywhere. [9], On October 6, 2009, President Obama nominated Chin to the United States Court of Appeals for the Second Circuit. Chin said he felt diversity on the bench was a valuable goal, since it may help some plaintiffs or defendants understand that the legal system represents them as well. There was yet another home in the south of France, private jets and a yacht. 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.". display: none; "We thought he was God. The whole goddamn thing is a fraud.'". 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. Read about our approach to external linking. 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. 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. Mr. CANTOR: I wasn't doing as well as I could've been (unintelligible). Get browser notifications for breaking news, live events, and exclusive reporting. 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. 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. As well as Wiesel, investors in Madoffs company included the actors Kevin Bacon, Kyra Sedgwick and John Malkovich, and the Hollywood director Steven Spielberg. Read about our approach to external linking. In the 1980s, Bernard L. Madoff Investment Securities occupied three floors of a midtown Manhattan high-rise. 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. 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 victims who came forward testified that they had suffered financial ruin because of Madoff's fraud. 2008 The Associated Press. But it also took a toll in more personal terms. NPR transcripts are created on a rush deadline by an NPR contractor. Judge Chin also learned that day that Mr. Madoff would plead guilty to all 11 counts against him, including fraud, money laundering and perjury. Like many of his clients, Madoff and his wife enjoyed a lavish lifestyle. Madoff's chief financial officer, Frank DiPascali, said in a guilty plea in 2009 that the statements detailing trades were "all fake.". 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.. 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. His clients, many Jews like Madoff and Jewish charities, said they didn't know. Wiesel described him as one of the greatest scoundrels, thieves, liars, criminals. "The federal court is the place to be.". 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. "It's rare than an institutional client gets handed down to a woman.". Rather, they are doing what they are supposed to be doing placing their trust in our system of justice.. This story, "," originally appeared in The New York Times. Extraordinarily evil - that was the judge's description today of the acts of Bernard Madoff. I went to a very dear friend and asked him to do me a big favor, and he did. Please enter valid email address to continue. There, with his brother and later two sons, he ran a legitimate business as middlemen between the buyers and sellers of stock. 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. 2023 by the Rector and Visitors of the University of Virginia. Good candidates will often lead the question into a conversation. 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. "He cheated his victims out of their money so he and his wife could live a life of luxury beyond belief.". 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. When it came Madoff's time to talk, he rose and kept two fists balled on the table as if for ballast. Judges are advised to give the toughest sentences to those who have stolen up to $400 million. At the time of his arrest, fake account statements were telling clients they had holdings worth $60bn. 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. "We never quite got the hang of developing business that was the hard part," he said. Advertising. "He'd been staring out the window the all day," DiPascali testified. Splitting the baby, to me, was sending the wrong message, he said. In court, Mr Madoff said that when he started the scheme in the 1990s, he hoped it would only be for a limited time. Judge Denny Chin denied Mr Madoff's request, noting many victims were still suffering due to their financial losses. Paul B. Stephan 77 Weighs In, A Year of War: Three Experts Weigh In on the Ukraine Invasion So Far, Common Law Explores Why Once-Contentious Natural Gas Pipelines Are Now Rubber-Stamped, Book by Danielle Citron Traces History of Privacy Law, Reforms for Today, How Could Social Cost of Carbon Affect Climate Policy? To Judge Chin, Mr. Madoff seemed sad, almost as if he were grieving. 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. We trusted everything in his hands," Nobel Peace Prize winner Elie Wiesel, whose foundation lost $15.2 million, said in 2009. They worked hard, said Thomas Morling, who worked closely with the Madoff brothers in the mid-1980s. Madoff's wife, Ruth, is still living. The order left her with $2.5 million. As a federal judge in the Southern District of New York, Judge Denny Chin sees some of the most cutting-edge cases in the country, so much so that three of his cases were used as plots for the popular Law and Ordertelevision series. At both levels, Judge Chin was the first Asian American federal judge outside the Ninth Circuit. ", Trending News He confessed the problem to his sons, who went to the authorities. 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. Mr. IRWIN CANTOR: I'm a professional loser, yeah. He had no values, former investor Tom Fitzmaurice told the judge at the sentencing. Material from The Associated Press was used in this report. On March 12, Madoff pleaded guilty to securities fraud and other charges, saying he was "deeply sorry and ashamed." How do you excuse deceiving your family, your investors and an industry you spent your life trying to improve? Madoff pleaded guilty in March 2009 to securities fraud and other charges, saying he was deeply sorry and ashamed. 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. 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. On March 23, 2011, Chin rejected Google's plan to digitize every book published, saying the plan violated copyright laws. In the middle of his trial, Wyatt changed his plea to guilty as part of a plea bargain with the government. U.S. District Judge Denny Chin showed no mercy, sentencing Madoff to the maximum 150 years in prison. A Bankruptcy or Magistrate Judge? Madoff was sentenced to 150 years in prison for his monumental 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. 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. At various times, he referred to his monumental fraud as a "problem," "an error of judgment" and "a tragic mistake. Cheryl Weinstein said, Bernard Madoff dresses like us, walks like us, eats and drinks like us, but underneath, he is a beast. We did nothing wrong," said Dominic Ambrosino, a retired New York City corrections officer. ", First published on April 14, 2021 / 9:47 AM. 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. 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He felt that Mr. Madoffs conduct was so egregious, he said, that I should do everything I possibly could to punish him.. Subscribe to be notified when the news section is updated. He was confirmed in April 2010 and took senior status in June 2021. In a meeting with his sons, he confided that his business was "all just one big lie.". 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. 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.. Don't you get it? 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. 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. 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. 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. In her lawsuit, Patricia Conradt claims a police officer at the scene of the shooting told a "Dateline" producer: "That'll make good TV. Madoff pleaded guilty in March 2009 to securities fraud and other charges, saying he was "deeply sorry and ashamed.". The authoritative record of NPRs programming is the audio record. [1] [2] Prior to his appointment, Chin served as a judge on the United States District Court for the Southern . The order left her with $2.5 million. Bernie Madoff leaves federal court in 2009. 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. [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. 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. Chin spoke informally to students in a discussion organized by the Asian Pacific American Law Students Association (APALSA) April 1 at the Law School. Weighing victim emails Typing on a computer in chambers, and on a laptop at home, Judge Chin continued preparing a draft of the statement that he would read in court. 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. The purpose of this site is to provide information from and about the Judicial Branch of the U.S. Government. 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. Early life. 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. Copyright 2023 CBS Interactive Inc. All rights reserved. display: none; I would literally take his naturalization petition, which I have framed in my chambers, and hold it up to the citizens.". Founded in 1819, the University of Virginia School of Law is the second-oldest continuously operating law school in the nation. 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. Moreover, any sentence of less than 150 years could be seen as showing him mercy. In McCosh Hall, outside Room 50 hangs a portrait of Judge Denny Chin. 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. "We're in a complicated situation. One of the traditional notions of punishment, he wrote, is that an offender should be punished in proportion to his blameworthiness. Mr. Madoffs crimes were extraordinarily evil, he added. 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