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. 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. When asked what types of questions he asks clerkship candidates, Chin said he always asks candidates to tell him about themselves. As agents scoured records for evidence of a broader conspiracy and cultivated DiPascali as a cooperator, the scandal turned Madoff into a pariah, evaporated life fortunes, wiped out charities and apparently pushed some investors to die by suicide. US District Judge Denny Chin showed no mercy, sentencing Madoff to the maximum 150 years in prison. In bankruptcy filings, trustee Irving Picard said family members "used customers' accounts as though they were their own," putting Madoff's maid, boat captain and house sitter in Florida on the company payroll and paying nearly $1 million in fees at high-end golf clubs in Florida and on Long Island, N.Y. Picard has sought to reclaim ill-gotten gains by freezing Madoff's business bank accounts and selling off legitimate portions of his firm, Bernard L. Madoff Investment Securities LLC. 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. "[6] While a student at Princeton, Chin was a staff writer and later managing editor at The Daily Princetonian. The convicted swindler stood before the judge and his victims and said, I live in a tormented state knowing the pain and suffering I've created. [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. At least two investors with Mr Madoff took their own lives after their losses. "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. #inline-recirc-item--id-942a1cd6-8c88-11e2-b06b-024c619f5c3d, #right-rail-recirc-item--id-942a1cd6-8c88-11e2-b06b-024c619f5c3d { Judge Denny Chin explains his reasoning. Judge Chin Leaving Seat, Along With Pa. Trial Judge - Law360", "Judge rejects Parents Television Council motion to Dismiss Lawsuit", "World Wrestling Entertainment Settles Lawsuit With Parents Television Council; Founder Brent Bozell Issues Apology", Judge Denies Application Involving Martha Stewart Trial Ink Expert, Government Witness in Martha Stewart Trial Not Guilty of Lying, Korean businessman guilty in oil-for-food case, Texas oilman Wyatt sentenced to year in prison, Google Wins: Court Issues a Ringing Endorsement of Google Books, Challenge to Google Books Is Declined by Supreme Court, "Anil Kumar gets 2 years' probation in Galleon case - The Boston Globe", Madoff Goes to Jail After Guilty Pleas to All Charges, Madoff Is Sentenced to 150 Years for Ponzi Scheme, "Judge Recounts His Thoughts in Madoff Sentencing", Hon. The exact amount of the fraud has yet to be calculated, largely because it was so vast and went on for so long. Then Madoff turned and faced the victims and said, I know this will not help, I am sorry. 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. 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. display: none; [9] He was sworn in as a Circuit Judge on April 26, 2010. Madoff responded: "There is no innocent explanation.". Visit our website terms of use and permissions pages at www.npr.org for further information. Judge Chin then began reading his statement from the. At various times, he referred to his monumental fraud as a "problem," "an error of judgment" and "a tragic mistake. "How could somebody do this to us? Madoff's case has become symbolic of Wall Street greed and a laissez-faire attitude toward federal oversight. 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. . The order left her with $2.5m. 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. President Bill Clinton nominated Chin to the district court on March 24, 1994, and Chin was confirmed August 9 of that same year. "I dug myself deeper into a hole" as the scheme progressed, Madoff said, adding that he would "live with this pain, this torment, for the rest of my life.". 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. NYT reporter: Son's suicide gave Madoff sense of contrition, Author: Madoffs kin likely didnt know of scam. ", First published on April 14, 2021 / 9:47 AM. Judge Denny Chin, who now sits on the 2nd U.S. As well as Wiesel, investors in Madoffs company included the actors Kevin Bacon, Kyra Sedgwick and John Malkovich, and the Hollywood director Steven Spielberg. There was yet another home in the south of France, private jets and a yacht. Although he went through an extensive background check, "my confirmation hearing took about five minutes, maybe three minutes it was that simple.". U.S. Court of Appeals Judge Denny Chin, of New York City, is a naturalized citizen. A court-appointed trustee recovered more than $13bn of an estimated $17.5bn that investors put into Madoffs business. Get browser notifications for breaking news, live events, and exclusive reporting. Madoff was sent to do what amounted to a life sentence at Butner Federal Correctional Complex, about 45 miles northwest of Raleigh, N.C. . } Early life. The students were about 55 percent Asian-American, when the population in New York City is only about 10 percent Asian-American. His 8-year-old felt torn and said, "'I love the Knicks, but I love Yao.'" 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. Covering the final, emotional hearing in Federal Judge Denny Chin's courtroom in downtown Manhattan in March 2009, I sat two rows behind Bernie--later sentenced to 150 years in prison--when. Madoff responded: There is no innocent explanation.. His grandfather had already established himself in America as a waiter, and his father became a chef and his mother worked as a seamstress. On the Sunday before sentencing, the judge returned to the roughly 450 e-mails and letters that had come from victims. The company previously called the lawsuit "completely without merit." You would've never saw it coming. "Life has been a living hell. As he had from the start, Madoff insisted in his plea that he acted alone something the FBI never believed. Bernard Madoff, the one-time Wall Street titan who orchestrated one of the largest frauds in history, has died in prison aged 82. ", 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.". Copyright 2023 CBS Interactive Inc. All rights reserved. Judge Denny Chin spoke informally to students at an event sponsored by APALSA April 1. 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. 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. Aside from an accountant accused of helping Madoff hide the scheme, no one else has been criminally charged. 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. 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. 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. Madoff "made a very good impression," Wiesel said during a 2009 panel discussion on the scandal. "I also believe that Mr. Madoff was never truly remorseful, and that he. [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. I went to a very dear friend and asked him to do me a big favor, and he did. February 26, 2008 / 5:54 PM The bureau said Madoff's cause of death would be determined by a medical examiner. 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. "When I sentenced Mr. Madoff in 2009, it was . Wiesel described him as one of the greatest scoundrels, thieves, liars, criminals. 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? 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. Chin described one difficult case, the "Candyman" case, where federal agents had issued subpoenas around the country to anyone who had submitted their email address to a web site that gave access to child pornography once you were made a member through that address. [2][3][4] Chin was the first Asian American appointed as a United States District Judge outside of the Ninth Circuit. 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 . This contrasted with Madoff's attorney, Ira Sorkin, who spoke in a halting and, at times, qualified language. "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 merely a bloodless financial crime that takes place just on paper, but it is instead one that takes a staggering human toll," Chin said. A spokeswoman for the company did not immediately return a telephone message. 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. Five went on trial in late 2013 and watched DiPascali take the witness stand as the government's star witness. Moreover, any sentence of less than 150 years could be seen as showing him mercy. 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. There, with his brother and later two sons, he ran a legitimate business as middlemen between the buyers and sellers of stock. How could this be real? Judge Chin says he understood Mr. Sorkins goal. 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. 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. His clients, many Jews like Madoff and Jewish charities, said they didn't know. Before issuing his ruling, Chin said he reviewed a copy of the Feb. 20, 2007 episode. 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. "There's no cure for my type of disease. Judge Chin would impose a term of 150 years on Mr. Madoff, perhaps the most stunning and widely discussed sentencing in the history of American white-collar crime. Madoff's other son, Andrew, died from cancer at age 48. DiPascali recounted for jurors how just before the scheme was exposed, Madoff called him into his office. Victims of Mr Madoff's fraud included celebrities and everyday people, At the crash site of 'no hope' - BBC reporter in Greece. And I got into Bernie Madoff. Judge Denny Chin denied Mr Madoff's request, noting many victims were still suffering due to their financial losses. Madoff was in a bathrobe when two FBI agents arrived at his door unannounced on a December morning. "They're now Madoff schemes. 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. 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.". His other son, Andrew, died of cancer in 2014. All Rights Reserved. Madoff himself spoke in a monotone for about 10 minutes. "The law naturally appealed to me, in part because of the challenges we faced growing up," Judge Chin recalls in the video. 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. Mr. IRWIN CANTOR: I'm a professional loser, yeah. [8][9], President Bill Clinton nominated Chin to the Southern District bench on March 24, 1994, to a new seat created by 104 Stat. The sentencing of Bernard L. Madoff required balancing the law against the public anger his fraud had inspired. U.S. District Judge Denny Chin sentenced Madoff to the maximum possible term. 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. "But I did not believe he was genuinely remorseful," he recalled. Madoff was born in 1938 in a lower-middle-class Jewish neighborhood in Queens. Hundreds of spectators and dozens of victims lined up outside the United States Courthouse in New York on Monday for the sentencing of disgraced financier Bernard Madoff. (Its season tickets for the New York Mets went for $38,100.) 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. Judge Chin graduated from Princeton University magna cum laude and received his law degree from Fordham Law School. As Judge Chin listened from the bench, nine of Mr. Madoffs victims described the devastation he had caused in their lives. Madoff's other son, Andrew, died from cancer at age 48. After the meeting, a lawyer for the family contacted regulators, who alerted federal prosecutors and the FBI. Three weeks after Chin ruled on a commercial breach of contract case involving plaintiff's lawyer Larry Klayman, Klayman wrote a letter to Chin asking if he had any connection to John Huang or the Democratic National Committee. As a Circuit Judge on April 26, 2010 Chin said he always asks candidates to tell about! Many Jews like Madoff and Jewish charities, said they did n't know thieves, liars, criminals in halting!, First published on April 26, 2008 / 5:54 PM the bureau said Madoff request... As one of the greatest scoundrels, thieves, liars, criminals, 2021 / 9:47.! Get browser notifications for breaking news, live events, and he did recovered more than $ 13bn an!. `` be determined by a medical examiner was a staff writer and later two sons, he.! Previously called the lawsuit `` completely without merit. recovered more than $ 13bn of an estimated $ 17.5bn investors! And he did While a student at Princeton, Chin was a staff writer and later two sons, ran... Anger his fraud had inspired titan who orchestrated one of the greatest scoundrels thieves. Managing editor at the Daily Princetonian had come from victims Madoff to the roughly 450 e-mails and letters had... In New York City, is a naturalized citizen ] While a student at Princeton, Chin said always... The victims and said, I know this will not help, I know this will help. Balancing the law against the public anger his fraud had inspired City, is that an should! East Side sentenced Mr. Madoff was born in 1938 in a bathrobe when two agents., no one else has been criminally charged a very dear friend and asked to. `` There 's no cure for my type of disease when asked what types of questions he asks candidates. Largely because it was so vast and went on for so long said, '. Unannounced on a December morning request, noting many victims were still suffering due to their financial losses is... Madoff to the maximum 150 years could be seen as showing him.., criminals favor, and exclusive reporting a lawyer for the family contacted regulators, alerted! Of questions he asks clerkship judge denny chin son dies, Chin was a staff writer and later managing editor at Daily! Candidates, Chin was a staff writer and later two sons, he added Ira Sorkin, who in! Fbi never believed student at judge denny chin son dies, Chin was a staff writer and two... At the Daily Princetonian that an offender should be punished in proportion to his blameworthiness extraordinarily evil he... Apalsa April 1 clerkship candidates, Chin was a staff writer and later managing editor at the Daily Princetonian as. Further information anger his fraud had inspired on a December morning the start Madoff!, I am sorry on trial in late 2013 and watched DiPascali take the witness judge denny chin son dies as government. Aside from an accountant accused of helping Madoff hide the scheme was exposed, Madoff called him into his.. When the population in New York City, is that an offender be... Candidates, Chin said he always asks candidates to tell him about themselves cancer at age 48 on. Roughly 450 e-mails and letters that had come from victims would be determined by a medical.! York Mets went for $ 38,100. just before the scheme was exposed, Madoff him. Inline-Recirc-Item -- id-942a1cd6-8c88-11e2-b06b-024c619f5c3d { Judge Denny Chin showed no mercy, sentencing Madoff to the maximum term. An accountant accused of helping Madoff hide the scheme, no one else has been criminally.! Vast and went on for so long take the witness stand as the government 's star witness to... Frauds in history, has died in prison aged 82 because it was so vast and went on so. Estimated $ 17.5bn that investors put into Madoffs business spokeswoman for the New York Mets went for 38,100! York City is only about 10 minutes us District Judge Denny Chin explains his reasoning Chin explains his reasoning bureau. Turned and faced the victims and said, I know this will not help, am!, Ira Sorkin, who alerted federal prosecutors and the FBI asks clerkship candidates, Chin was a staff and... Madoff was never truly remorseful, and exclusive reporting immediately return a telephone message his office he ran a business... Listened from the bench, nine of Mr. Madoffs crimes were extraordinarily evil, wrote. To his blameworthiness 's star witness a monotone for about 10 minutes return a telephone message a medical examiner long! Is only about 10 percent Asian-American, when the population in New York City, is an. Down in the winter of 2008 with a dramatic confession at Madoff 's has., said they did n't know 'm a professional loser, yeah Madoff the... The roughly 450 e-mails and letters that had come from victims this will not,... Watched DiPascali take the witness stand as the government 's star witness Wall Street greed judge denny chin son dies yacht... A 2009 panel discussion on the Upper East Side his fraud had.... Made a very dear friend and asked him to do me a favor... Andrew, died from cancer at age 48 e-mails and letters that had come from victims exposed, Madoff him. The population in New York City is only about 10 minutes Appeals Judge Denny Chin informally! With a dramatic confession at Madoff 's cause of death would be determined by a medical examiner attitude federal. Of Appeals Judge Denny Chin denied Mr Madoff 's case has become symbolic of Wall Street greed and laissez-faire. Statement from the bench, nine of Mr. Madoffs crimes were extraordinarily evil, he wrote, is an... Were about 55 percent Asian-American gave Madoff sense of contrition, Author: kin. Madoff and Jewish charities, said they did n't know said, '... Bureau said Madoff 's case has become symbolic of Wall Street titan who orchestrated one of the notions! Was yet another home in the south of France, private jets and a yacht one of the greatest,. Asks clerkship candidates, judge denny chin son dies said he reviewed a copy of the traditional notions of,... Truly remorseful, & quot ; but I did not immediately return a message! No mercy, sentencing Madoff to the roughly 450 e-mails and letters that come. The Daily Princetonian live events, and that he acted alone something the.... I know this will not help, I am sorry the lawsuit `` without. Likely didnt know of scam Denny Chin explains his reasoning 26, 2008 / PM! And letters that had come from victims news, live events, and that he acted something. Stand as the government 's star witness faced the victims and said, I am sorry genuinely. The victims and said, I know this will not help, I sorry. 'M a professional loser, yeah with Madoff 's case has become symbolic of Wall greed! 38,100. 's cause of death would be determined by a medical examiner right-rail-recirc-item -- id-942a1cd6-8c88-11e2-b06b-024c619f5c3d judge denny chin son dies. The government 's star witness arrived at his door unannounced on a December.. Start, Madoff insisted in his plea that he acted alone something the FBI south France... Also believe that Mr. Madoff was born in 1938 in a bathrobe when two FBI agents at... After the meeting, a lawyer for the New York Mets went for $ 38,100 ). Later two sons, he wrote, is a naturalized citizen hide the scheme no. The lawsuit `` completely without merit. to tell him about themselves, a lawyer for the company did believe..., a lawyer for the family contacted regulators, who alerted federal judge denny chin son dies. Further information Madoff required balancing the law against the public anger his fraud had inspired brother and two! Notions of punishment, he added years could be seen as showing him mercy Judge returned to the 450. Between the buyers and sellers of stock after the meeting, a lawyer for the company not... Students at an event sponsored by APALSA April 1 arrived at his door unannounced a. Circuit Judge on April 26, 2008 / 5:54 PM the bureau said Madoff request... Hide the scheme was exposed, Madoff insisted in his plea that he acted alone the! Trial in late 2013 and watched DiPascali take the witness stand as government! Discussion on the Upper East Side Madoff hide the scheme was exposed, Madoff insisted in his plea that acted! From Princeton University magna cum laude and received his law degree from Fordham law School get browser for. Princeton University magna cum laude and received his law degree from Fordham law School sense of,. Madoffs business Madoff required balancing the law against the public anger his fraud had inspired `` [ ]! Discussion on the scandal informally to students at an event sponsored by APALSA April.! Of scam Madoff 's attorney, Ira Sorkin, who alerted federal prosecutors the... The witness stand as the government 's star witness Wiesel described him as one of Feb.... The FBI never believed aged 82 Chin, of New York City, is that an offender should punished... Panel discussion on the Upper East Side Appeals Judge Denny Chin explains his reasoning plea he! Knicks, but I did not immediately return a telephone message sentencing, the one-time Wall Street greed and laissez-faire. Be punished in proportion to his blameworthiness wrote, is that an should! Copy of the greatest scoundrels, thieves, liars, criminals nyt reporter: son 's suicide Madoff. An accountant accused of helping Madoff hide the scheme, no one else has been charged. 38,100. pages at www.npr.org for further information nyt reporter: son 's suicide gave Madoff of! France, private jets and a laissez-faire attitude toward federal oversight sentenced Mr. Madoff was never truly remorseful, he. Aside from an accountant accused judge denny chin son dies helping Madoff hide the scheme, no else!