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. Madoff pleaded guilty in March 2009 to securities fraud and other charges, saying he was "deeply sorry and ashamed.". On March 12, 2009, Madoff pleaded guilty to 11 federal charges relating to the scheme. When Klayman appealed, the 2nd Circuit affirmed Chin's sanctions. As of late 2008, the statements claimed investor accounts totaled $65 billion. 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. 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. At that point, the judge said, symbolism carried more weight.. DiPascali recounted for jurors how just before the scheme was exposed, Madoff called him into his office. She eventually gave him her own pension, funds, Judge Chin wrote in his notes. The BBC is not responsible for the content of external sites. After spending several months under house arrest at his $7m penthouse apartment, he was led off to jail in handcuffs, to scattered applause from angry investors in the courtroom. 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. 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. He began to consider how to articulate the message he wanted to send. 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. But it was not just the elite and large firms who were victims of the fraud. Cheryl Weinstein said, Bernard Madoff dresses like us, walks like us, eats and drinks like us, but underneath, he is a beast. U.S. District Judge Denny Chin showed no mercy, sentencing Madoff to the maximum 150 years in prison. 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. Ruth is still living. [12] Chin assumed senior status on June 1, 2021. Aside from an accountant accused of helping Madoff hide the scheme, no one else has been criminally charged. . He had an intern quickly research relevant cases; he reviewed them and began writing, adding about 100 words to the draft. When asked what types of questions he asks clerkship candidates, Chin said he always asks candidates to tell him about themselves. Weeks before Bernard Madoff's December arrest, statements showed that his firm had $56 billion in accounts. He graduated from Stuyvesant High School in 1971. Mr. RON WEINSTEIN: We were taken by surprise, as every other victim. A Class of 1975 graduate, Chin was the first Asian American appointed as a United States District Judge outside of California and Hawaii. Chin was born in 1954 in Kowloon, Hong Kong and came to the U.S. in 1956. School teachers, farmers, mechanics and many others also lost money. But the most forceful number in federal court this morning was nine. . He stole from the poor. Judge Denny Chin, who originally had imposed the sentence of 150 years, denied his request for release, calling his crime "one of the most egregious financial crimes of our time," and one that . 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. He recalled that as he had thought about Mr. Madoffs conduct, two words came to mind: extraordinarily evil.. U.S. District Judge Denny Chin showed no mercy, sentencing Madoff to the maximum 150 years in prison. Chin tossed out many of Patricia Conradt's claims but said her principal claims could proceed to trial. 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. Madoffs scam cost Wiesels foundation $15.2m. 2008 The Associated Press. Bernie Madoff was born in 1938 in a lower-middle-class neighborhood in the New York borough of Queens. The man who committed this horrible fraud is not the man whom I have known for all these years.". 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. display: none; 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.". US District Judge Denny Chin sentenced Madoff to the maximum possible term. Bernie was by no means perfect. Madoff admitted swindling thousands of clients out of billions of dollars in investments over decades. He had no values, former investor Tom Fitzmaurice told the judge at the sentencing. Wiesel described him as one of the greatest scoundrels, thieves, liars, criminals. C.W. 5089. February 26, 2008 / 5:54 PM 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. A Bankruptcy or Magistrate Judge? "How could somebody do this to us? "I think in time we'll get more Asian-American judges as these Asian-American litigators get more experience under their belts," he said. The amount includes all his personal property, real estate, investments and $80 million in assets that his wife who has not been charged had claimed were hers. We trusted everything in his hands," Nobel Peace Prize winner Elie Wiesel, whose foundation lost $15.2 million, said in 2009. Paul B. 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(Courtesy photo) Fordham's Center on Asian Americans and the Law, believed to be a first-of-its-kind institution . 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. [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. 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. I said, So basically youre splitting the baby? the judge remembered. Madoff responded: "There is no innocent explanation.". "Life has been a living hell. [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). Don't you get it? Mr. Madoff rose and offered a lengthy apology, saying he felt horrible guilt. He turned to face the victims, and apologized again. Bernard Madoff, right, leaves US . 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. Todd Heisler Judge Chin agreed to an extensive series of. He is now a United States circuit judge for the Second Circuit. Another son, Andrew, died from cancer at age 48. "It may be disgusting, but it's protected activity," he said. In 2009, U.S. District Judge Denny Chin sentenced Madoff to 150 years in prison, a verdict he said sent a message his crimes were "extraordinarily evil, and that this kind of manipulation of the . A defendant should get his just deserts, he remembered thinking. Chin sentenced Kumar to 2 years of probation. Colon cancer rates rising in younger age group, study finds 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. Judges are advised to give the toughest sentences to those who have stolen up to $400 million. Madoff was sent to do what amounted to a life sentence at Butner Federal Correctional Complex, about 45 miles northwest of Raleigh, North Carolina. Judge Denny Chin spoke informally to students at an event sponsored by APALSA April 1. Advertising. Judge Chin and his wife Kathy Hirata Chin have written, produced, and presented, together with a team from the Asian American Bar Association of New York, a series of reenactments of historic cases involving Asian American litigants. Splitting the baby, to me, was sending the wrong message, he said. Chin spent much of his statement utterly dismissing each argument the Madoff team put forth. He said he struggled to find the right number the just sentence, as he described it. But it also took a toll in more personal terms. The order left her with $2.5 million. Thanks (I guess) for spinning the wheel in my favor! Judge Chin wrote back. 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. 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. 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 . The recovered sum fell far short of the sums Madoff told duped clients he was managing. "I am embarrassed and ashamed," she said. 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. [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. The exact amount of the fraud has yet to be calculated, largely because it was so vast and went on for so long. "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. Judge Denny Chin, who now sits on the 2nd U.S. Judge Chin was appointed district judge in the Southern District of New York in 1994 before being nominated to the U.S. Court of Appeals for the Second Circuit. display: none; Please enter valid email address to continue. [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. 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. Flying bug found at Walmart turns out to be rare Jurassic-era insect When he applied for the judgeship, he was just 39, but there were 10 vacancies in the Southern District of New York for President Clinton to fill. He decided to review it again the following day. [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. [9] He was sworn in as a Circuit Judge on April 26, 2010. Chin slept with his four siblings in the living room of a one-bedroom apartment, a situation he said was common in his neighborhood. Judge Chin noted in the interviews that 20 or 25 years would have effectively been a life sentence for Mr. Madoff, and any additional years would have been purely symbolic. 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. 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. US District Judge Denny Chin showed no mercy, sentencing Madoff to the maximum 150 years in prison. I said, Madoff turn around and acknowledge your victims. The request was denied. At both levels, Judge Chin was the first Asian American federal judge outside the Ninth Circuit. 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.". He encouraged students at the discussion to be Assistant U.S. How could this be real? Judge Chin read his passage on retribution, which, after the length of the sentence itself, appeared to have the greatest impact. 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. More than 15,400 claims against Madoff were filed. PESCA: Words tumbled out of some victims, others vacillated between tears and rage. Michael Livermore Weighs In, Podcast: Global Crisis Triggered by Knowledge Economy, Says Paul B. Stephan 77. Prosecutors let her keep $2.5m from the the $825m fortune the couple once possessed. #inline-recirc-item--id-942a1cd6-8c88-11e2-b06b-024c619f5c3d ~ .item:nth-child(5) { Rather, they are doing what they are supposed to be doing placing their trust in our system of justice.. This material may not be published, broadcast, rewritten, or redistributed. In explaining how the 150-year sentence was symbolically important, he had neglected to include a third, crucial reason: retribution. 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. Last year his lawyers filed court papers to try to get him released from prison during the pandemic, saying he had end-stage renal disease and other chronic medical conditions. 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. 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 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. 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. His son Mark also killed himself on the second anniversary of his father's arrest. 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. They were two struggling kids from Queens. 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. He invited them in, and then confessed after being asked if theres an innocent explanation, a criminal complaint said. Andrew Denney. Madoff's case has become symbolic of Wall Street greed and a laissez-faire attitude toward federal oversight. ", She added: "Not a day goes by when I don't ache over the stories that I have heard and read.". 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." For an optimal experience visit our site on another browser. #inline-recirc-item--id-942a1cd6-8c88-11e2-b06b-024c619f5c3d, #right-rail-recirc-item--id-942a1cd6-8c88-11e2-b06b-024c619f5c3d { 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. "The man who committed this horrible fraud is not the man whom I have known for all these years. Judge Denny Chin denied Mr Madoff's request, noting many victims were still suffering due to their financial losses. 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. 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