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." But in truth no securities were ever bought or sold. NYT reporter: Son's suicide gave Madoff sense of contrition, Author: Madoffs kin likely didnt know of scam. 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. / AP. Moreover, any sentence of less than 150 years could be seen as showing him mercy. In November 2013, Chin dismissed Authors Guild et al. I mean, serial killers get a death sentence, but thats virtually what he gave me.. 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. ", She added: "Not a day goes by when I don't ache over the stories that I have heard and read.". 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. 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. 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. [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. ", Trending News This material may not be published, broadcast, rewritten, or redistributed. Chin sentenced Kumar to 2 years of probation. After the meeting, a lawyer for the family contacted regulators, who alerted federal prosecutors and the Federal Bureau of Investigation. Mr. RON WEINSTEIN: We were taken by surprise, as every other victim. At that point, the judge said, symbolism carried more weight.. Copyright 2023 CBS Interactive Inc. All rights reserved. Then Madoff turned and faced the victims and said, I know this will not help, I am sorry. Cheers and applause erupted from the gallery as Chin announced the verdict. 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. But it was the global recession which effectively prompted Mr Madoff's demise as investors, hit by the downturn, tried to withdraw about $7bn from his funds and he could not find the money to cover it. 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. [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. His criminal behavior devastated the lives of his victims, leading to suicides,. There was yet another home in the south of France, private jets and a yacht. 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? 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.. Judge Chin also learned that day that Mr. Madoff would plead guilty to all 11 counts against him, including fraud, money laundering and perjury. Another dilemma, he said, rested in the fact that because none of the counts against Mr. Madoff carried a sentence of life imprisonment (indeed, none carried more than 20 years), he could not impose a conventional life sentence. 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. Roadways to the Bench: Who Me? Madoff admitted to committing securities fraud via a Ponzi scheme starting in the early 1990s, which involved potentially as much as $65 billion. A spokeswoman for the company did not immediately return a telephone message. Before issuing his ruling, Chin said he reviewed a copy of the Feb. 20, 2007 episode. 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. 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.. As Judge Denny Chin noted, the Madoff take is quite literally off the charts. Madoff's other son, Andrew, died from cancer at age 48. His clients ranging from Florida retirees to celebrities such as Steven Spielberg, actor Kevin Bacon and Hall of Fame pitcher Sandy Koufax consistently enjoyed steady double-digit returns. Another victim, Michael Schwartz, told Madoff he wished a jail cell would be the disgraced financier's coffin. Copyright 2023 CBS Interactive Inc. All rights reserved. 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 . Chin currently teaches first year Legal Writing at Fordham as an adjunct professor. 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 said he struggled to find the right number the just sentence, as he described it. Michael Livermore Weighs In, Podcast: Global Crisis Triggered by Knowledge Economy, Says Paul B. Stephan 77. As Fordham University School of Law's inaugural Lawrence W. Pierce Distinguished Jurist in Residence, Judge Denny Chin of the U.S. Court of Appeals for the Second Circuit says he . Bernard Madoff exits federal court March 10, 2009, in New York City. US District Judge Denny Chin sentenced Madoff to the maximum possible term. "It was clear the only reason he asked me these questions was because I'm Asian-American," Chin said. Madoff's other son, Andrew, died from cancer at age 48. 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. U.S. Court of Appeals Judge Denny Chin, a Chinese immigrant who grew up in a Hell's Kitchen tenement, is the subject of a newly released Pathways to the Bench video profile, the eighth in a video series in which federal judges talk about challenges that helped prepare them to serve justice. Todd Heisler Judge Chin agreed to an extensive series of. From his grandfather, a waiter, and his father, a cook in Hell's Kitchen,. } 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. To Judge Chin, Mr. Madoff seemed sad, almost as if he were grieving. [11] He received his judicial commission on April 23, 2010. 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 . 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. The request was denied. Chin assumed senior status on June 1, 2021. The Associated Press contributed to this report. Thanks (I guess) for spinning the wheel in my favor! Judge Chin wrote back. tally fair than Denny Chin." As a federal district judge, Judge Chin presided over a number of high-profile cases. Chin spoke informally to students in a discussion organized by the Asian Pacific American Law Students Association (APALSA) April 1 at the Law School. "I realised that my arrest and this day would inevitably come.". "There's no cure for my type of disease. 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.". As NPR's Mike Pesca reports, that pain and suffering was evident in the court today. We did nothing wrong," said Dominic Ambrosino, a retired New York City corrections officer. Chin was born on May 18, 1955, in Guangdong province, Mainland China.He was the only child of Bing Hing "David" Chin (a.k.a. The West Coast has a large number of experienced Asian-American litigators, and the East Coast is quickly catching up. As far as we know, Sorkin said, there was no ferreting away of funds. 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. "I think you can overcome these things that's what I really think." At least two investors with Mr Madoff took their own lives after their losses. Madoff pleaded guilty in March 2009 to securities fraud and other charges, saying he was "deeply sorry and ashamed.". Top McCarthy aide, House Oversight chair each met with Ashli Babbitt's mother Aside from an accountant accused of helping Madoff hide the scheme, no one else has been criminally charged. Klayman explained that he and his client were concerned that Chin had ruled against them because Klayman had engaged in activities that some had portrayed as being anti-Asian. But he decided that 150 years would send a loud, decisive message. Mr Madoff is survived by his wife, Ruth Madoff, who maintained she was unaware of the scheme and was never charged. The scam involved an estimated $65bn, a figure that included gains Mr Madoff's clients believed they had made due to fake account statements. Early life. After the meeting, a lawyer for the family contacted regulators, who alerted federal prosecutors and the FBI. 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. 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. It feels like the nightmare we can't wake from," said Carla Hirshhorn. U.S. Court of Appeals Judge Denny Chin, a Chinese immigrant who grew up in a Hell's Kitchen tenement, is the subject of a newly released Pathways to the Bench video profile, the eighth in a video series in which federal judges talk about challenges that helped prepare them to serve justice.. Judge Chin, who joined the Second Circuit bench in 2010, recalls how he moved from Hong Kong to New . Bernie Madoff was born in 1938 in a lower-middle-class neighborhood in the New York borough of Queens. 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. 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. 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. NPR transcripts are created on a rush deadline by an NPR contractor. When asked what types of questions he asks clerkship candidates, Chin said he always asks candidates to tell him about themselves. He stole from the poor. "[6] While a student at Princeton, Chin was a staff writer and later managing editor at The Daily Princetonian. In the end, that fraud brought fresh meaning to "Ponzi scheme," named after Charles Ponzi, who was convicted of mail fraud after bilking thousands of people out of a mere $10 million between 1919 and 1920. He was confirmed in April 2010 and took senior status in June 2021. It was symbolic. The lawyer turned around and made a motion that Chin recuse himself from the case, saying Chin was "too hard on him because he was Asian-American.". "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. "Is there rampant racism? 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. I would tell the new citizens about my grandfather. The man who committed this horrible fraud is not the man whom I have known for all these years.". He encouraged students at the discussion to be Assistant U.S. Flying bug found at Walmart turns out to be rare Jurassic-era insect The courts probation department had recommended a 50-year term, while the government had requested 150 years. Judge Denny Chin explains his reasoning. "I also believe that Mr. Madoff was never truly remorseful, and that he. 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 whole goddamn thing is a fraud.'". 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. Frank DiPascali, the companys chief financial officer, said in a guilty plea in 2009 that the statements detailing trades were all fake. 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. But Chin's position is unique for another reason as well he was the first Asian-American appointed to a federal district court judgeship outside the 9th Circuit, and is now just one of six Asian-American Article III judges today. 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 had no values, former investor Tom Fitzmaurice told the judge at the sentencing. At both levels, Judge Chin was the first Asian American federal judge outside the Ninth Circuit. With the verdict, Chin said he was sending a message "that Mr. Madoff's crimes were extraordinarily evil, and that this kind of manipulation of the system is not just a bloodless crime that takes place on paper, but one instead that takes a staggering toll.". 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. She eventually gave him her own pension, funds, Judge Chin wrote in his notes. The request was denied. Read about our approach to external linking. Copyright 2009 NPR. 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. Madoff died at the Federal Medical Center, a prison for inmates with health needs, in Butner, North Carolina, apparently from natural causes. display: none; In an interview with The Washington Post he said he had "made a terrible mistake. ", First published on April 14, 2021 / 9:47 AM. Senior Judge Denny Chin of the U.S. Court of Appeals for the Second Circuit. Tom Fitzmaurice accused Madoff of cheating his victims "so he and his wife, Ruth, could live a life of luxury beyond belief.". As well as Wiesel, investors in Madoffs company included the actors Kevin Bacon, Kyra Sedgwick and John Malkovich, and the Hollywood director Steven Spielberg. 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. [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. He began to consider how to articulate the message he wanted to send. A court-appointed trustee has recovered more than $13 billion of an estimated $17.5 billion that investors put into Madoff's business. Imposing a 150-year sentence in 2009, judge Denny Chin called Madoff's crimes "extraordinarily evil". They worked hard, said Thomas Morling, who worked closely with the Madoff brothers in the mid-1980s. . In another case, Chin tried to offer some off-the-record advice to a young Korean-American lawyer who had turned an attempt to collect on a note into a RICO case. By contrast, "it's hard to say whether being Asian-American is going to place anyone at a disadvantage," he said. A federal prison website listed his probable release date as November 11, 2139. I still love the guy who got me in because he went down too. Ruth is still living. 2023 BBC. After the war, as an employee of Columbia Records, he helped create the 3313 rpm long-playing record. He said a jury might conclude it was done solely to sensationalize and enhance the entertainment value of the arrest. An old IBM computer cranked out monthly statements showing steady double-digit returns, even during market downturns. Madoff investor George Nierenberg thought the reason Madoff spoke to the victims might have been something he said at Madoff's plea hearing several months ago. He is now a United States circuit judge for the Second Circuit. Since his decision, one of the other judges has changed her mind and a third judge has suppressed as well. 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). A Class of 1975 graduate, Chin was the first Asian American appointed as a United States District Judge outside of California and Hawaii. And there we are. Weeks before Bernard Madoff's December arrest, statements showed that his firm had $56 billion in accounts. Mr. Ambrosino's motor home is no longer for vacations. Visit our website terms of use and permissions pages at www.npr.org for further information. Splitting the baby, to me, was sending the wrong message, he said. Chin's path to his judgeship offers a compelling parable of an immigrant's success. But I did not believe he was genuinely remorseful, he recalled. But what the SEC never found out was that behind the scenes, in a separate office kept under lock and key, Madoff was secretly spinning a web of phantom wealth by using cash from new investors to pay returns to old ones. 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. 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. "They're now Madoff schemes. Judge Chin graduated from Princeton University magna cum laude and received his law degree from Fordham Law School. 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. 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. 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. But no man is.". The United States Senate confirmed Chin on August 9, 1994, and Chin received his commission the next day. Most judges will tell you that sentencing is the most difficult thing we do, he said. Judge Denny Chin denied Mr Madoff's request, noting many victims were still suffering due to their financial losses. Frankly, that was not the message I wanted to be sent, 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. 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. "It was a very vigorous job process because once you have the job you have it for life," he added. Bruce Baron, a lawyer for Patricia Conradt, said: "This decision shows no one is above the law, no matter how powerful.". 5089. There, with his brother and later two sons, he ran a legitimate business as middlemen between the buyers and sellers of stock. 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. "He turned to me and he said, crying, 'I'm at the end of my rope. Now, all the money is gone, the judge said. He invited them in, and then confessed after being asked if theres an innocent explanation, a criminal complaint said. In fact, today, when he did turn around and acknowledged the victims, I felt as if there was a satisfaction that I had actually penetrated. 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. At the time of Madoff's arrest, fake account statements were telling clients they had holdings worth $60 billion. [9], On October 6, 2009, President Obama nominated Chin to the United States Court of Appeals for the Second Circuit. "They were two struggling kids from Queens. 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. 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. Judge Denny Chin, who now sits on the 2nd U.S. [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. "But I did not believe he was genuinely remorseful," he recalled.

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