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 it also took a toll in more personal terms. 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.". His other son, Andrew, died of cancer in 2014. At both levels, Judge Chin was the first Asian American federal judge outside the Ninth Circuit. [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. A former law clerk had e-mailed him to say that more than a dozen television trucks were already lined up near the courthouse. ", "I'm terminally ill," he said. 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. [9], On October 6, 2009, President Obama nominated Chin to the United States Court of Appeals for the Second Circuit. Im surprised Chin didnt suggest stoning in the public square, he added. 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. 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.. "They're now Madoff schemes. This story, "," originally appeared in The New York Times. 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. 2023 by the Rector and Visitors of the University of Virginia. Chin slept with his four siblings in the living room of a one-bedroom apartment, a situation he said was common in his neighborhood. He was soft spoken and an intellectual. How could this be real? 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. Mr Madoff is survived by his wife, Ruth Madoff, who maintained she was unaware of the scheme and was never charged. Then he. / AP. Chin presided over the criminal trial of Oscar Wyatt, the Texas oil executive accused of making kick-backs to the Saddam Hussein regime during the UN Oil-For-Food Program. The request was denied. He stole from the rich. [8] He was an Assistant United States Attorney for the Southern District from 1982 to 1986. He stole from the poor. Don't you get it? Madoff was sent to do what amounted to a life sentence at Butner Federal Correctional Complex, about 45 miles northwest of Raleigh, North Carolina. His 8-year-old felt torn and said, "'I love the Knicks, but I love Yao.'" School teachers, farmers, mechanics and many others also lost money. [27], United States Court of Appeals for the Second Circuit, United States District Court for the Southern District of New York, United States Senate Committee on the Judiciary, Lies and the Lying Liars Who Tell Them: A Fair and Balanced Look at the Right, List of first minority male lawyers and judges in the United States, Hearings Before the Committee on the Judiciary, United States Senate, One Hundred Third Congress, First Session on Confirmations of Appointees to the Federal Judiciary, Part 4, "President Obama Nominates Judge Denny Chin for United States Court of Appeals for the Second Circuit, Judge O. Rogeriee Thompson for United States Court of Appeals for the First Circuit", "Judge Who Sentenced Madoff to Be Nominated to Higher Court", "Obama names Madoff case judge to fill Sotomayor spot", "U.S. District Judge Denny Chin to Address Spring 2009 Law Graduates", "The Old Ones of Chinatown: A Study of the Elderly Chinese", "Denny Chin | Office of the Executive Vice President", "Judicial Nomination Materials: 111th Congress", "On the Nomination (Confirmation Denny Chin, of New York, to be U.S. Cheers and applause erupted from the gallery as Chin announced the verdict. "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. A court-appointed trustee recovered more than $13bn of an estimated $17.5bn that investors put into Madoffs business. [12] Chin assumed senior status on June 1, 2021. 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. In the headlines and news accounts that followed, the words extraordinarily evil seemed to be everywhere. 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 confessed the problem to his sons, who went to the authorities. 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. Michael Livermore Weighs In, Podcast: Global Crisis Triggered by Knowledge Economy, Says Paul B. Stephan 77. 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. After the sentencing, Ruth Madoff said in a statement that she felt "betrayed and confused" by the actions of her husband. 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. Madoff, a former Nasdaq chairman, had earned a reputation as a trusted money manager with a track record of delivering stellar returns in good markets and bad. 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. 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. At the time of his arrest, fake account statements were telling clients they had holdings worth $60bn. Madoff's other son, Andrew, died from cancer at age 48. "Often being a woman places you at a disadvantage at many big firms," he said. Please enter valid email address to continue. He stole from the poor. The benefits of giving him hope were far outweighed by all of the other considerations.. As of late 2008, the statements claimed investor accounts totaled $65 billion. 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.". But in truth no securities were ever bought or sold. He said a jury might conclude it was done solely to sensationalize and enhance the entertainment value of the arrest. "Life has been a living hell. For reasons of symbolism, and to further the principles of retribution and deterrence and to keep faith with victims, Bernard Madoff was sentenced to a 150 years in prison. }, First published on February 26, 2008 / 5:54 PM. [22] On April 18, 2016, the Supreme Court turned down an appeal. "[6] While a student at Princeton, Chin was a staff writer and later managing editor at The Daily Princetonian. 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. The BBC is not responsible for the content of external sites. "The federal court is the place to be.". Another son, Andrew, died from cancer at age 48. I said, Madoff turn around and acknowledge your victims. 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. . He graduated from Stuyvesant High School in 1971. The order left her with $2.5 million. } ", Trending News Mr. RON WEINSTEIN: We were taken by surprise, as every other victim. 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.. The authoritative record of NPRs programming is the audio record. In explaining how the 150-year sentence was symbolically important, he had neglected to include a third, crucial reason: retribution. C.W. "We're in a complicated situation. A Bankruptcy or Magistrate Judge? Judge Denny Chin explains his reasoning. Frankly, that was not the message I wanted to be sent, he said. Madoff died at the Federal Medical Center, a prison for inmates with health needs, in Butner, North Carolina, apparently from natural causes. The courts probation department had recommended a 50-year term, while the government had requested 150 years. NPR transcripts are created on a rush deadline by an NPR contractor. 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. Madoff's other son, Andrew, died from cancer at age 48. Judge Denny Chin denied Mr Madoff's request, noting many victims were still suffering due to their financial losses. Madoff "made a very good impression," Wiesel said during a 2009 panel discussion on the scandal. This material may not be published, broadcast, rewritten, or redistributed. Amanda Leith, a lawyer for NBC Universal, had no comment on the ruling. Both of Madoff's sons have died, Andrew from cancer at age 48 and Mark from suicide at age 46 in 2010. 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. The purpose of this site is to provide information from and about the Judicial Branch of the U.S. Government. Although he went through an extensive background check, "my confirmation hearing took about five minutes, maybe three minutes it was that simple.". After the meeting, a lawyer for the family contacted regulators, who alerted federal prosecutors and the FBI. Madoff's case has become symbolic of Wall Street greed and a laissez-faire attitude toward federal oversight. [19], Chin presided over the criminal trial of Pak Dong-seon in connection with Pak's alleged involvement in the scandal surrounding the United Nations Oil-for-Food Program. 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. At Madoff's sentencing in June 2009, wrathful former clients stood to demand the maximum punishment. When Klayman appealed, the 2nd Circuit affirmed Chin's sanctions. 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. 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. Mr. IRWIN CANTOR: I'm a professional loser, yeah. Bruce Baron, a lawyer for Patricia Conradt, said: "This decision shows no one is above the law, no matter how powerful.". Subscribe to be notified when the news section is updated. #inline-recirc-item--id-942a1cd6-8c88-11e2-b06b-024c619f5c3d, #right-rail-recirc-item--id-942a1cd6-8c88-11e2-b06b-024c619f5c3d { Judge Denny Chin: Born To Run Time for a quick break from Biglaw and bonuses. There was yet another home in the south of France, private jets and a yacht. "He cheated his victims out of their money so he and his wife could live a life of luxury beyond belief.". "The law naturally appealed to me, in part because of the challenges we faced growing up," Judge Chin recalls in the video. Denny Chin is a United States Circuit Judge for the United States Court of Appeals for the Second Circuit. Of the more than $17bn in cash losses, more than $14bn has been recovered. [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. Splitting the baby, to me, was sending the wrong message, he said. Madoff admitted to committing securities fraud via a Ponzi scheme starting in the early 1990s, which involved potentially as much as $65 billion. By contrast, "it's hard to say whether being Asian-American is going to place anyone at a disadvantage," he said. "I think you can overcome these things that's what I really think." U.S. District Judge Denny Chin showed no mercy, sentencing Madoff to the maximum 150 years in prison. The Madoffs also took a severe financial hit: A judge issued a $171 billion forfeiture order in June 2009 stripping Madoff of all his personal property, including real estate, investments, and $80 million in assets his wife, Ruth, had claimed were hers. display: block; 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. 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. He stole from the in between. Chin tossed out many of Patricia Conradt's claims but said her principal claims could proceed to trial. He clerked for the Honorable Henry F. Werker in the Southern District of New York; was associated with the law firm Davis Polk & Wardwell; served as an Assistant United States Attorney for the Southern District of New York; was a founding partner of the law firm Campbell, Patrick & Chin; and was a partner at a firm specializing in labor and employment law, Vladeck, Waldman & Engelhard, P.C. Madoff's other son, Andrew, died from cancer at age 48. Bernie was by no means perfect. Last year, Madoff's lawyers filed court papers to try to get him released from prison in the COVID-19 pandemic, saying he had suffered from end-stage renal disease and other chronic medical conditions. Roadways to the Bench: Who Me? When asked what types of questions he asks clerkship candidates, Chin said he always asks candidates to tell him about themselves. "It is probably the most important trial court in the country, given its location in New York City," Chin said. Love Yao. ' npr transcripts are created on a rush deadline by an contractor! 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