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. In McCosh Hall, outside Room 50 hangs a portrait of Judge Denny Chin. I've served 11 years already, and, quite frankly, I've suffered through it.". Thurgood Marshall U.S. On March 12, Madoff pleaded guilty to securities fraud and other charges, saying he was "deeply sorry and ashamed." At Madoff's sentencing in June 2009, wrathful former clients stood to demand the maximum punishment. In 2008, Madoff pleaded guilty to orchestrating a massive Ponzi scheme, in which instead of investing cash, he paid off older investors with funds from new investors. He knew he would be arriving at work early. "He'd been staring out the window the all day," DiPascali testified. 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." [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. Chin sentenced Kumar to 2 years of probation. 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. DiPascali recounted for jurors how just before the scheme was exposed, Madoff called him into his office. Madoff admitted to committing securities fraud via a Ponzi scheme starting in the early 1990s, which involved potentially as much as $65 billion. Judges are advised to give the toughest sentences to those who have stolen up to $400 million. Bernard Madoffs Manhattan penthouse, Long Island getaway and Florida estate are for sale in the hopes of raising tens of millions of dollars to help reimburse victims of his Ponzi scheme. He said he struggled to find the right number the just sentence, as he described it. A court-appointed trustee recovered more than $13bn of an estimated $17.5bn that investors put into Madoffs business. 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. Extraordinarily evil - that was the judge's description today of the acts of Bernard Madoff. 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. "I cannot adequately express how sorry I am for what I have done," he said in March 2009, when he pleaded guilty. The court heard from some in his position and some who said Bernard Madoff robbed their entire savings. He said a jury might conclude it was done solely to sensationalize and enhance the entertainment value of the arrest. [9], On October 6, 2009, President Obama nominated Chin to the United States Court of Appeals for the Second Circuit. It was symbolic. All rights reserved. His death was announced by the Bureau of Prisons. That summer he mapped out his career and followed it almost to the letter. Updated on: April 14, 2021 / 7:00 PM [1] [2] Prior to his appointment, Chin served as a judge on the United States District Court for the Southern . The probation department had recommended a 50-year term, while the defense lawyer had sought 12 years behind bars for his client. Madoff, known as Bernie, was a former chairman of the Nasdaq stock exchange, and was regarded for years as an investment sage. On October 6, 2009, President Barack Obama nominated Chin to the Second Circuit. ", 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.". 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. "He cheated his victims out of their money so he and his wife could live a life of luxury beyond belief.". Denny Chin is a United States Circuit Judge for the United States Court of Appeals for the Second Circuit. "Bernie, up until his death, lived with guilt and remorse for his crimes," his lawyer Brandon Sample said in a statement. "I also believe that Mr. Madoff was never truly remorseful, and that he. 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. 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. 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.". He cheated his victims out of their money so he and his wife could live a life of luxury beyond belief.. His grandfather had already established himself in America as a waiter, and his father became a chef and his mother worked as a seamstress. "Life has been a living hell. 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. 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. It collapsed during the 2008 financial crisis. Imposing a 150-year sentence in 2009, judge Denny Chin called Madoff's crimes "extraordinarily evil". ", First published on April 14, 2021 / 9:47 AM. I would literally take his naturalization petition, which I have framed in my chambers, and hold it up to the citizens.". His 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 brothers misdeeds. Another son, Andrew, died from cancer at age 48. 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. But the most forceful number in federal court this morning was nine. Mr. GEORGE NIERENBERG: I called him Madoff. Bruce Baron, a lawyer for Patricia Conradt, said: "This decision shows no one is above the law, no matter how powerful.". From his grandfather, a waiter, and his father, a cook in Hell's Kitchen,. "They're now Madoff schemes. 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. The company previously called the lawsuit "completely without merit." IE 11 is not supported. The global financial crisis of 2008 prompted the scheme to unravel, leaving thousands of victims bereft of their savings and Madoff as an avatar for the failure of regulators and financial corruption. With membership, the site offered the options of chat rooms, surveys, and "vids and pics" for "people who like kids." 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. There, with his brother and later two sons, he ran a legitimate business as middlemen between the buyers and sellers of stock. There, with his brother and later two sons, he ran a legitimate business as middlemen between the buyers and sellers of stock. Madoffs scam cost Wiesels foundation $15.2m. The scandal also exacted a personal toll on the family: One of his sons, Mark, killed himself on the second anniversary of his father's arrest in 2010. Madoff was sent to do what amounted to a life sentence at Butner Federal Correctional Complex, about 45 miles northwest of Raleigh, N.C. . His clients, many Jews like Madoff and Jewish charities, said they didn't know. "It may be disgusting, but it's protected activity," he said. Mr. CANTOR: I wasn't doing as well as I could've been (unintelligible). The Associated Press contributed to this report. [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. He invited them in, then confessed after being asked "if there's an innocent explanation," a criminal complaint said. "A reasonable jury could find that by doing so, NBC created a substantial risk of suicide or other harm, and that it engaged in conduct so outrageous and extreme that no civilized society should tolerate it," Chin said. 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. 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. 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. In the 1980s, Bernard L. Madoff Investment Securities occupied three floors of a midtown Manhattan high-rise. 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. Judge Chin ran with that idea. His criminal behavior devastated the lives of his victims, leading to suicides, bankruptcies and home losses. 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. 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. 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? 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. 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. On March 23, 2011, Chin rejected Google's plan to digitize every book published, saying the plan violated copyright laws. PESCA: Cantor was hurt badly, but not ruined. "Often being a woman places you at a disadvantage at many big firms," he said. But he decided that 150 years would send a loud, decisive message. 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. The ugly truth: No securities were ever bought or sold. Splitting the baby, to me, was sending the wrong message, he said. Madoff was in a bathrobe when two FBI agents arrived at his door unannounced on a December morning. I still love the guy who got me in because he went down too. "We never quite got the hang of developing business that was the hard part," he said. 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. 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. 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. 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. 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. When Klayman appealed, the 2nd Circuit affirmed Chin's sanctions. Bernie was by no means perfect. Most judges will tell you that sentencing is the most difficult thing we do, he said. 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 he added that it was important to remember the history of Asians in the United States, and mentioned in particular the Korematsu case and the Japanese internment camps during World War II. The firm was investigated eight times by the US Securities and Exchange Commission because it made exceptional returns. Judge Chin then began reading his statement from the. Read about our approach to external linking. As NPR's Mike Pesca reports, that pain and suffering was evident in the court today. From NPR News, this is ALL THINGS CONSIDERED. Advertising. Judge Denny Chin spoke informally to students at an event sponsored by APALSA April 1. 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. ", "I'm terminally ill," he said. 2008 The Associated Press. Roadways to the Bench: Who Me? This story, "," originally appeared in The New York Times. 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. Chin currently teaches first year Legal Writing at Fordham as an adjunct professor. "The man who committed this horrible fraud is not the man whom I have known for all these years. To learn more, visit the following links: Related Topics:Judges & Judgeships, Public Education. Madoff was sentenced to 150 years in prison for his monumental fraud. Don't you get it? He is now a United States circuit judge for the Second Circuit. The West Coast has a large number of experienced Asian-American litigators, and the East Coast is quickly catching up. [5] He graduated magna cum laude with a B.A. He invited them in, and then confessed after being asked if theres an innocent explanation, a criminal complaint said. US District Judge Denny Chin showed no mercy, sentencing Madoff to the maximum 150 years in prison. UK banks were also among those who lost money, with HSBC Holdings saying it had exposure of around $1bn. 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. 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. U.S. District Judge Denny Chin showed no mercy, sentencing Madoff to the maximum 150 years in prison. On the Sunday before sentencing, the judge returned to the roughly 450 e-mails and letters that had come from victims. 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. At that point, the judge said, symbolism carried more weight.. 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. He stole from the in between. 5089. / CBS/AP. Ruth is still living. Copyright 2023 CBS Interactive Inc. All rights reserved. Applause broke out in the New York courtroom when the judge handed down the maximum sentence. In explaining how the 150-year sentence was symbolically important, he had neglected to include a third, crucial reason: retribution. It all came crashing down in the winter of 2008 with a dramatic confession at Madoff's 12th-floor apartment on the Upper East Side. Citing data that showed Mr. Madoff, who was then 71, could expect to live about 13 more years, Mr. Sorkin asked for a term of 12 years just short of an effective life sentence, as he put it suggesting that Mr. Madoff might be allowed a year of freedom before he died. In doing so, he seemed to find a way to translate societys rage into a number. In court, Mr Madoff said that when he started the scheme in the 1990s, he hoped it would only be for a limited time. To Judge Chin, Mr. Madoff seemed sad, almost as if he were grieving. As Judge Chin listened from the bench, nine of Mr. Madoffs victims described the devastation he had caused in their lives. On Thursday, Judge Denny Chin who had handed down Mr. Madoff's 150-year sentence more than a decade ago in New York denied the request. 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). He graduated from Stuyvesant High School in 1971. 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. 2023 BBC. 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. display: none; Madoff pleaded guilty in March 2009 to securities fraud and other charges, saying he was deeply sorry and ashamed. Weeks before Bernard Madoff's December arrest, statements showed that his firm had $56 billion in accounts. 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. Madoff died at the Federal Medical Center, a prison for inmates with health needs, in Butner, North Carolina, apparently from natural causes. U.S. Court of Appeals Judge Denny Chin, of New York City, is a naturalized citizen. 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.". "[6] While a student at Princeton, Chin was a staff writer and later managing editor at The Daily Princetonian. Madoff's other son, Andrew, died from cancer at age 48. [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. 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 . 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. In 1990, he joined the law firm Vladeck, Waldman, Elias & Engelhard, P.C., where he specialized in labor and employment law and represented employees and unions. But it was not just the elite and large firms who were victims of the fraud. But it also took a toll in more personal terms. More than 15,400 claims against Madoff were filed. 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. We thought he was God; we trusted everything in his hands, Elie Wiesel, the late Holocaust survivor and Nobel laureate, said in the same year. His other son, Andrew, died of cancer in 2014. I said, So basically youre splitting the baby? the judge remembered. He was soft spoken and an intellectual. "It's real important for you to be involved," he said. Andrew Denney. Aside from an accountant accused of helping Madoff hide the scheme, no one else has been criminally charged. 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. "It was clear the only reason he asked me these questions was because I'm Asian-American," Chin said. "I think you can overcome these things that's what I really think." After the war, as an employee of Columbia Records, he helped create the 3313 rpm long-playing record. . Madoff responded: There is no innocent explanation.. #inline-recirc-item--id-942a1cd6-8c88-11e2-b06b-024c619f5c3d, #right-rail-recirc-item--id-942a1cd6-8c88-11e2-b06b-024c619f5c3d { "I also believe that Mr. Madoff was never truly remorseful, and that he. That was the number of victims allowed to speak. 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. 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. "We're in a complicated situation. "I realised that my arrest and this day would inevitably come.". 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.". Since his decision, one of the other judges has changed her mind and a third judge has suppressed as well. 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. 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. "I think in time we'll get more Asian-American judges as these Asian-American litigators get more experience under their belts," he said. "I also believe that Mr. Madoff was never truly remorseful, and that he was only sorry that his life as he knew it was collapsing around him," he wrote. 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. Please enter valid email address to continue. 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. In the 1980s Bernard L Madoff Investment Securities occupied three floors of a midtown Manhattan high-rise. [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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