He called clerking "difficult," but rewarding at the federal court level. 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. Splitting the baby, to me, was sending the wrong message, he 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 merely a bloodless financial crime that takes place just on paper, but it is instead one that takes a staggering human toll," Chin said. In the 1980s, Bernard L. Madoff Investment Securities occupied three floors of a midtown Manhattan high-rise. Disgraced financier Bernard Madoff was sentenced Monday to 150 years for his monumental Ponzi scheme. 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. Judge Chin said he was particularly moved by an account of a man who had invested his life savings with Mr. Madoff, then died of a heart attack two weeks later. I went to a very dear friend and asked him to do me a big favor, and he did. 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.". 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. Wiesel described him as one of the greatest scoundrels, thieves, liars, criminals. "He stole from the rich. I still love the guy who got me in because he went down too. [1] [2] Prior to his appointment, Chin served as a judge on the United States District Court for the Southern . 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. "It was clear the only reason he asked me these questions was because I'm Asian-American," Chin said. There were several more Asian-American faces in Madison Square Gardens that night too. He was confirmed in April 2010 and took senior status in June 2021. Madoff responded: "There is no innocent explanation.". As well as Wiesel, investors in Madoffs company included the actors Kevin Bacon, Kyra Sedgwick and John Malkovich, and the Hollywood director Steven Spielberg. 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. But I did not believe he was genuinely remorseful, he recalled. About a dozen Madoff employees and associates were charged in the federal case. I'm Melissa Block. Madoff's case has become symbolic of Wall Street greed and a laissez-faire attitude toward federal oversight. 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. 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. He had no values, former investor Tom Fitzmaurice told the judge at the sentencing. Soon after, Tom Fitzmaurice quoted his wife as saying, I cry every day when I see the look of pain and despair in my husband's eyes. An old IBM computer cranked out monthly statements showing steady double-digit returns, even during market downturns. Bernie was by no means perfect. "We're in a complicated situation. On October 6, 2009, President Barack Obama nominated Chin to the Second Circuit. 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. NPR transcripts are created on a rush deadline by an NPR contractor. 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 . 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. The court heard from some in his position and some who said Bernard Madoff robbed their entire savings. 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. They worked hard, said Thomas Morling, who worked closely with the Madoff brothers in the mid-1980s. Five went on trial in late 2013 and watched DiPascali take the witness stand as the government's star witness. He stole from the poor. At that point, the judge said, symbolism carried more weight.. ", 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.". 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. Extraordinarily evil By the time Judge Chin entered his chambers on the morning of Monday, June 29, he had decided what his draft was missing, he said. Now, all the money is gone, the judge said. 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. 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. 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 . His grandfather and father both worked in Chinese restaurants in New York City, while his mother worked as a seamstress in Chinatown's garment district. 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. When it came Madoff's time to talk, he rose and kept two fists balled on the table as if for ballast. A $105 million lawsuit brought by a woman who claims a sex sting by "Dateline NBC: To Catch A Predator" drove her brother to kill himself can go to trial, a federal judge ruled Tuesday. PESCA: Words tumbled out of some victims, others vacillated between tears and rage. Mr. IRWIN CANTOR: I'm a professional loser, yeah. 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. His death was announced by the Bureau of Prisons. The purpose of this site is to provide information from and about the Judicial Branch of the U.S. Government. His criminal behavior devastated the lives of his victims, leading to suicides,. 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. 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. 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. Weeks before Bernard Madoff's December arrest, statements showed that his firm had $56 billion in accounts. From his grandfather, a waiter, and his father, a cook in Hell's Kitchen,. 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. Founded in 1819, the University of Virginia School of Law is the second-oldest continuously operating law school in the nation. Colon cancer rates rising in younger age group, study finds He said a jury might conclude it was done solely to sensationalize and enhance the entertainment value of the arrest. Bernie Madoff leaves federal court in 2009. Thurgood Marshall U.S. Imposing a 150-year sentence in 2009, judge Denny Chin called Madoffs crimes extraordinarily evil. How could this be real? When asked about affirmative action, Chin expressed mixed feelings. 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. Madoff responded: There is no innocent explanation.. Read about our approach to external linking. Judge Denny Chin denied Mr Madoff's request, noting many victims were still suffering due to their financial losses. Chin wrote that a reasonable jury could find there was no legitimate law enforcement need for a heavily armed SWAT team to extract a 56-year-old prosecutor from his home when he was not accused of any actual violence and was not believed to have a gun. He stole from the in between. While he said stereotypes about Asian-Americans still exist and sometimes rise to the surface, women, for example, may face more challenges in battling discrimination. "He clearly represented something for a lot of people," he said. 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." 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. 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. In the 1980s Bernard L Madoff Investment Securities occupied three floors of a midtown Manhattan high-rise. 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