He invited them in, and then confessed after being asked if theres an innocent explanation, a criminal complaint said. As Judge Denny Chin noted, the Madoff take is quite literally off the charts. U.S. District Judge Denny Chin showed no mercy, sentencing Madoff to the maximum 150 years in prison. hide caption. Then Madoff turned and faced the victims and said, I know this will not help, I am sorry. 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. 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. The exact amount of the fraud has yet to be calculated, largely because it was so vast and went on for so long. Madoff was born in 1938 in a lower-middle-class Jewish neighborhood in Queens. He cited Mr. Madoffs victims individuals from all walks of life and told the story of the widow who had been reassured by Mr. Madoff. [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). In court, Mr Madoff said that when he started the scheme in the 1990s, he hoped it would only be for a limited time. "Often being a woman places you at a disadvantage at many big firms," he said. 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. An old IBM computer cranked out monthly statements showing steady double-digit returns, even during market downturns. "He turned to me and he said, crying, 'I'm at the end of my rope. 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. This site is maintained by the Administrative Office of the U.S. Courts on behalf of the Federal Judiciary. He cheated his victims out of their money so he and his wife could live a life of luxury beyond belief.. "We're in a complicated situation. 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. Chin sentenced Kumar to 2 years of probation. Madoff pleaded guilty in March 2009 to securities fraud and other charges, saying he was deeply sorry and ashamed. 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.". Early life. [9] He was sworn in as a Circuit Judge on April 26, 2010. [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. Mr. CANTOR: I wasn't doing as well as I could've been (unintelligible). 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. DiPascali recounted for jurors how just before the scheme was exposed, Madoff called him into his office. [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. This story, "," originally appeared in The New York Times. 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. 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. 2008 The Associated Press. But he decided that 150 years would send a loud, decisive message. Google. February 26, 2008 / 5:54 PM This material may not be published, broadcast, rewritten, or redistributed. 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. The Associated Press contributed to this report. 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. display: none; Madoff's wife, Ruth, is still living. He stole from the poor. . I do not agree, Judge Chin wrote about the victims. 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. [18] Larry Stewart was acquitted by a jury. 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. This contrasted with Madoff's attorney, Ira Sorkin, who spoke in a halting and, at times, qualified language. In the headlines and news accounts that followed, the words extraordinarily evil seemed to be everywhere. 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. 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.. 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. His criminal behavior devastated the lives of his victims, leading to suicides,. Madoffs scam cost Wiesels foundation $15.2m. Hing) and Lily Chin (ne Yee).His father earned the right to bring a Chinese bride into the United States through his service in World War II.After Lily suffered a miscarriage in 1949 and was unable to have children, the couple adopted Vincent from a . tally fair than Denny Chin." As a federal district judge, Judge Chin presided over a number of high-profile cases. They worked hard, said Thomas Morling, who worked closely with the Madoff brothers in the mid-1980s. }, First published on February 26, 2008 / 5:54 PM. US District Judge Denny Chin showed no mercy, sentencing Madoff to the maximum 150 years in prison. He then specialized in employment law at another firm. 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. Five went on trial in late 2013 and watched DiPascali take the witness stand as the government's star witness. He felt that Mr. Madoffs conduct was so egregious, he said, that I should do everything I possibly could to punish him.. Madoff's other son, Andrew, died from cancer at age 48. Madoff responded: There is no innocent explanation.. 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. [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. 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. 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. 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. Judge Denny Chin: Born To Run Time for a quick break from Biglaw and bonuses. Judge Chin agreed to an extensive series of interviews as part of a broader look into his sentencings in Federal District Court in Manhattan, which will appear in a later article. 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. "I think you can overcome these things that's what I really think." Madoff, known as Bernie, was a former chairman of the Nasdaq stock exchange, and was regarded for years as an investment sage. 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. I went to a very dear friend and asked him to do me a big favor, and he did. 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. 2021 CBS Interactive Inc. All Rights Reserved. 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. "The law naturally appealed to me, in part because of the challenges we faced growing up," Judge Chin recalls in the video. For an optimal experience visit our site on another browser. 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. 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. 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. 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. 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. And I got into Bernie Madoff. [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. U.S. District Judge Denny Chin sentenced Madoff to the maximum possible term. He had no values, former investor Tom Fitzmaurice told the judge at the sentencing. They were two struggling kids from Queens. The firm was investigated eight times by the US Securities and Exchange Commission because it made exceptional returns. [12] Chin assumed senior status on June 1, 2021. From 1994 until his appointment to the Second Circuit, he served as a United States District Judge for the Southern District of New York. [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. MIKE PESCA: Thirteen billion dollars - that is the most conservative estimate of the amount of money Bernard Madoff stole. "The man who committed this horrible fraud is not the man whom I have known for all these years. 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][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. 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 . Judge Denny Chin denied Mr Madoff's request, noting many victims were still suffering due to their financial losses. Biden to say in Afghanistan speech its time to end Americas longest war live, Original reporting and incisive analysis, direct from the Guardian every morning. Chin spent much of his statement utterly dismissing each argument the Madoff team put forth. (Its season tickets for the New York Mets went for $38,100.) "The Michigan case is a tough case because of the way it's done with the numbers.". A Bankruptcy or Magistrate Judge? "He clearly represented something for a lot of people," he said. Don't you get it? To Judge Chin, Mr. Madoff seemed sad, almost as if he were grieving. "Bernie, up until his death, lived with guilt and remorse for his crimes," his lawyer Brandon Sample said in a statement. Before issuing his ruling, Chin said he reviewed a copy of the Feb. 20, 2007 episode. 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. Judges are advised to give the toughest sentences to those who have stolen up to $400 million. 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. Updated on: April 14, 2021 / 7:00 PM 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. The benefits of giving him hope were far outweighed by all of the other considerations.. He was soft spoken and an intellectual. Earlier this week, Judge Denny Chin (S.D.N.Y.) "He'd been staring out the window the all day," DiPascali testified. Flying bug found at Walmart turns out to be rare Jurassic-era insect Imposing a 150-year sentence in 2009, judge Denny Chin called Madoff's crimes "extraordinarily evil". Chin's path to his judgeship offers a compelling parable of an immigrant's success. Madoff, 82, died at the Federal Medical Center in Butner, North Carolina, the bureau said in a statement. Mr. GEORGE NIERENBERG: I called him Madoff. 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. Denny Chin is a United States Circuit Judge for the United States Court of Appeals for the Second Circuit. "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. He said he struggled to find the right number the just sentence, as he described it. President Bill Clinton nominated Chin to the district court on March 24, 1994, and Chin was confirmed August 9 of that same year. The victims who came forward testified that they had suffered financial ruin because of Madoff's fraud. 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. 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. The sentencing of Bernard L. Madoff required balancing the law against the public anger his fraud had inspired. I mean, serial killers get a death sentence, but thats virtually what he gave me.. "Charles Ponzi is now a footnote," said Anthony Sabino, a defense lawyer specializing in white collar criminal defense. } He knew he would be arriving at work early. Pence won't commit to supporting Trump if he's the nominee From NPR News, this is ALL THINGS CONSIDERED. 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. display: block; Read about our approach to external linking. Judge Chin read his passage on retribution, which, after the length of the sentence itself, appeared to have the greatest impact. He called clerking "difficult," but rewarding at the federal court level. 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. 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. At least two investors with Mr Madoff took their own lives after their losses. Most judges will tell you that sentencing is the most difficult thing we do, he 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. Judge Chin graduated from Princeton University magna cum laude and received his law degree from Fordham Law School. 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. [21], He was assigned the Google Book Search Settlement Agreement case on January 8, 2009, after the death of the previous supervising judge. } But in truth no securities were ever bought or sold. 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. Please enter valid email address to continue. We did nothing wrong," said Dominic Ambrosino, a retired New York City corrections officer. The order left her with $2.5m. Madoff was in a bathrobe when two FBI agents arrived at his door unannounced on a December morning. Chin's ruling came on the grounds that WWF had a sound basis in suing the PTC over defamation, interference with business, and copyright infringement. 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. Good candidates will often lead the question into a conversation. "Is there rampant racism? Totally a nice guy, understated, unassuming, fell for it lock, stock and barrel. Thanks (I guess) for spinning the wheel in my favor! Judge Chin wrote back. 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 said a jury might conclude it was done solely to sensationalize and enhance the entertainment value of the arrest. When asked about affirmative action, Chin expressed mixed feelings. 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. 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. (Courtesy photo) Fordham's Center on Asian Americans and the Law, believed to be a first-of-its-kind institution . "They're now Madoff schemes. In her lawsuit, Patricia Conradt claims a police officer at the scene of the shooting told a "Dateline" producer: "That'll make good TV. A judge issued a forfeiture order stripping Madoff of all his personal property, including real estate, investments, and $80 million in assets his wife, Ruth, had claimed were hers. The courts probation department had recommended a 50-year term, while the government had requested 150 years. 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 . He said there may be parts of the country that are less tolerant, noting that there's no question that some Asian-American lawyers feel held back. Judge Chin also learned that day that Mr. Madoff would plead guilty to all 11 counts against him, including fraud, money laundering and perjury. 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. There was yet another home in the south of France, private jets and a yacht. Madoff's case has become symbolic of Wall Street greed and a laissez-faire attitude toward federal oversight. His own son attended Stuyvesant High School, a top public school in New York which bases admittance solely on a test. Like many of his clients, Madoff and his wife enjoyed a lavish lifestyle. Madoff's other son, Andrew, died from cancer at age 48. Accuracy and availability may vary. Aside from an accountant accused of helping Madoff hide the scheme, no one else has been criminally charged. [11] He received his judicial commission on April 23, 2010. Bernard Madoff pleads guilty Topics North Carolina But it also took a toll in more personal terms. All rights reserved. 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 BBC is not responsible for the content of external sites. He would include the story in his draft. 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. "Like everyone else, I feel betrayed and confused. 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. Fraudster sentenced to 150 years in jail dies from natural causes, New York financier ran scheme that cheated investors of billions. He became so hated he had to wear a bulletproof vest to court. Mr. IRWIN CANTOR: I'm a professional loser, yeah. in psychology from Princeton University in 1975 after completing a 130-page long senior thesis titled "The Old Ones of Chinatown: A Study of the Elderly Chinese. 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. Ruth is still living. A court-appointed trustee has recovered more than $13 billion of an estimated $17.5 billion that investors put into Madoff's business. In an interview with The Washington Post he said he had "made a terrible mistake. At both levels, Judge Chin was the first Asian American federal judge outside the Ninth Circuit. He also asks them a hypothetical, noting it is much more important to show balance and reasoning than arguing for a right or wrong answer. [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. [1] [2] Prior to his appointment, Chin served as a judge on the United States District Court for the Southern . Since his decision, one of the other judges has changed her mind and a third judge has suppressed as well. / CBS/AP. On March 12, 2009, Madoff pleaded guilty to 11 federal charges relating to the scheme. 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. He insisted that he acted alone, describing a separate wholesale stock-trading firm run by his sons and brother as legitimate. She eventually gave him her own pension, funds, Judge Chin wrote in his notes. Pak was convicted by a jury and sentenced by Chin to 5 years in prison.[20]. Moreover, any sentence of less than 150 years could be seen as showing him mercy. "It's real important for you to be involved," he said. I'm Melissa Block. Top McCarthy aide, House Oversight chair each met with Ashli Babbitt's mother His clients, many Jews like Madoff and Jewish charities, said they didn't know. 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. Visit our website terms of use and permissions pages at www.npr.org for further information. 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. Another victim, Michael Schwartz, told Madoff he wished a jail cell would be the disgraced financier's coffin. 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. Mr Madoff is survived by his wife, Ruth Madoff, who maintained she was unaware of the scheme and was never charged. Madoff admitted to committing securities fraud via a Ponzi scheme starting in the early 1990s, which involved potentially as much as $65 billion. We trusted everything in his hands," Nobel Peace Prize winner Elie Wiesel, whose foundation lost $15.2 million, said in 2009. 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. On March 12, Madoff pleaded guilty to securities fraud and other charges, saying he was "deeply sorry and ashamed." Madoff died at the Federal Medical Center, a prison for inmates with health needs, in Butner, North Carolina, apparently from natural causes. [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. 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