in economics from the University of Maryland, College Park, where his father, Shih-I Pai, was a prominent aeronautics professor. Before Fastow formed his side partnerships, enlisting Kopper's aid, and walked off with a minimum of $30 million. For instance, Fastow testified that in July 2001 Whalley said that all the heads of the international business should be fired because they had done billions upon billions of bad deals. Evil chink. Answered all inbound calls for the dealership. As legend has it, the strippers didn't believe such a mild mannered, almost meek, person was actually a powerful energy CEO. Heres a look at some of the prominent players in the scandalboth fallen executives and those who investigated themand where they are now: Kenneth Lay, founder, former chairman and CEO, No title providedKenneth Lay outside the Bob Casey Federal Courthouse in Houston, Texas, in 2006. When I walked in, I had about $100 cash in my wallet. Fastow said he asked Whalley. Enron was definitely a two-tier society. It led to an affair with stripper Melanie Fewell (who was also married) and resulted in a pregnancy. In 2008, Pai settled insider trading charges and agreed to pay regulators $31.5 million. Pai was a founder and is a former chairman of Element Markets, a renewable-energy consulting firm. With a partner, Kinder went on to formhis ownenergy company. Although she has been on the defense witness list, it's not clear they'll call her even if she is willing to testify, since she left Enron too early to know much about the government's specific in-court allegations against the former CEOs. Ultimately Pai settled out of court with the SEC and deposited 31.5 million in a fund to aid the shareholders harmed by the Enron scandal; forfeiting far less than what he gained from his time in Enron. So I guess technically he voluntary gave up the $30 million, but he did it to avoid further suits or prosecution. Morningstar, Inc. All Rights Reserved. The Oldenburg, called "Soft Light Switches," is a red-vinyl version of the traditional double light switch. 2021 He was convicted by a Houston jury in 2006 of conspiracy, securities fraud, making false statements to auditors and insider trading. Fastow last year said he accepted full responsibility for his actions and considers himself probably the personmost responsible for Enrons failureafter originally viewing himself as a hero. Fastow, whos now a public speaker onbusiness ethics, declined to comment when reached by phone. Famie -- the chef from "Survivor II" -- taped an episode of his Food Network show "Keith Famie's Adventures" on a Baja trip with Haines (the episode airs today). By consolidating the market and allowing people to buy energy on an open market, EES promised to save its users 5-15% a year on their energy needs. "The worst people could say of him was that he didn't manage EES well, and I'm not sure that's true. Pai left his wife to marry an ex-topless dancer, and his lawyer argued the stock sales were tied to the divorce, according to court documents. Pai departed Enron months before it filed for bankruptcy; the reason for his departure is unknown, but he sold out his remaining stock. More recently, Pai and his family have moved to Wellington, Florida. The only other person who can probably relate is Mikhail Prokhorov, the Russian billionaire and Brooklyn Nets owner who pretty much owes his entire $10 billion dollar fortune to a private jet full of prostitutes. His then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce upon learning of the affair. The two major pieces, the Puryear and the Judd, were never installed in Enron's headquarters. She is well-known for being Lou Pai wife but sheis also a famous entrepreneur and runs a Texas horse facility andCanaan Ranch in Fulshear. All content of the Dow Jones branded indices S&P Dow Jones Indices LLC 2018 He left Enron with over $250 million. The goal of EES was to sell gas and electricity directly to personal homes and businesses a market prices. He could charge several hundred dollars worth of lunches for himself and accompanying staff to the corporate expense account and use the Enron corporate jet for personal commuting until Chairman Ken Lay later prohibited it. Create an account to follow your favorite communities and start taking part in conversations. Haines -- who declined to give details about the Enron outing -- once designed a trip for Lovett and a bunch of his buddies, and the musician was so enthralled he thanked Haines on the liner notes of his next album. "The worst people could say of him. Factset: FactSet Research Systems Inc. 2018. Through Element, Pai has invested in pollution emissions credits. On July 30, 2008, Pai agreed to resolve civil insider trading charges against him with an out-of-court settlement of $31.5 million, including $1.5 million in civil fines and $30 million in res*ution, to be deposited into a fund for shareholders harmed by Enron's bankruptcy. Andrew Weissmann, former federal prosecutor who led the investigating task force. Bigger houses, better boats, new wives. It even inspired a limited-run Broadway show. Mark was also lucky. She has remarried and now goes by the name Rebecca Mark-Jusbasche. Some of the absent executives might offer benign accounts of what really happened, but they aren't likely to appear for the defense either -- most would likely take the Fifth Amendment unless the government grants them immunity from prosecution, which isn't going to happen. EES wanted to create an alternative private sector option that allowed consumers to buy energy on the free market, direct from a utility. There have to be plenty more anecdotes where that came from, once Whalley takes the stand -- or there would be, if he ever does. In order to pay the costly financial terms of his divorce settlement, Lou Pai was forced to cash out 100% of his Enron stock. Skilling couldnt be reached, and his lawyer didnt immediately return messages seeking comment. 2023 Celebrity Net Worth / All Rights Reserved. The pair is now raising thoroughbreds in Houston and is regarded Read More By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. Kopper lived a few blocks away in a cottage he eventually remodeled to have an almost Japanese-style look, the house taupe in color, with a gray roof. She may not have been the best businesswoman, but that's not a crime, and there's no evidence she tried to cover anything up. Further, after the divorce settlement, Lou and Melanie were married. The employees and retirees lost a great deal of their pension and benefits. They also have also generously given to the sport of dressage in the US and sponsors dressage shows, including the $5,000 Canaan Ranch Pas de Deux held at the EEMI Dressage Show. We will update this section when the information is available. and/or its affiliates. Lou obtained both his B.S. Between May 18 and June 7, 2001, Pai sold 338,897 shares of Enron stock and exercised Enron stock options that put another 572,818 shares on the open market. He became one of the top lieutenants of Jeffrey Skilling (the eventual CEO as well as brother to veteran meteorologist Tom Skilling), primarily tasked with detailing and implementing Skillings vision of transforming Enron into a de facto energy commodities trading firm. The pair is now raising thoroughbreds in Houston and is regarded as a member of the local neighbourhood. One of the lucky few Enron executives to escape without criminal prosecution, Lou Pai has been referred to as the only guy whos ever been lucky to get divorced. Why was Lou Pai so lucky to get divorced? He died of a heart attack on July 5, 2006, before his sentencing. Mar 28, 2009 Update on Xobni, Lou Pai (updated!) And not a few hundred dollars, not a few thousand, not a few million, but HUNDREDS of MILLIONS of dollars??? Although Melanie Fewell's actions after marrying Pai are not well known, it is said that she resigned from her position as an exotic dancer. It's for sale now, one of so many gems coated in the ashes of Enron's collapse. Melanie Fewell, Lou Pai's wife and a former stripper, is well-known for having wed the former Enron executive Lou Pai. As one of the anchors, they purchased a piece by famed minimalist Donald Judd. Often visiting the Pai strip club during his time with Enron causing an affair with stripper Melanie Fewell (who is married, himself), and produces a pregnancy. And Wickman -- like so many Houstonians -- just can't understand what happened in his town. Keep supporting great journalism by turning off your ad blocker. A house so close to the Lays' luxe apartment building that the shadow practically falls across Kopper's lawn. Well, considering what happened next, I don't really think you can believe Karma had any impact on Lou Pai. (Creative Commons and flickr.com/people/eflon//Eflon), Mark Chediak, Greg Farrell and Naureen Malik, Kenneth Lay outside the Bob Casey Federal Courthouse in Houston, Texas, in 2006. Lips on the walls. He was CEO of Enron Energy Services [5] from March 1997 until January 2001 and CEO of Enron Xcelerator, a venture capital division of Enron, from February 2001 until June 2001. "And it was fun because it took about two minutes to do a deal.". The traders idolized Whalley. [3] His frequent visits to strip clubs led to an affair with a stripper. Melanieis a happily married woman. He was one of the major figures in Enrons success and was known as the invisible CEO.. I've never been in a Chapter 11 situation before. What Enron was, though, was a good corporate citizen, one that spread its money throughout the city. And for those young people who made it, Enron was unreal. Natalie Pai isa rising star in dressage andthe youngest competitor in history to bring two horsesto compete at the Festival of Champions. Required fields are marked *. Eventually nicknamed "rank-and-yank," the system inspired all sorts of internal drama and sabotage. To stabilize the situation, he authorized the state to buy expensive power contracts that were paid off by customers over 20 years. The Country should be outraged at what he and Lana Lee (Pai) have pulled off. One theme of the prosecution has been the abymsal state of both Enron's international assets and its water business, Azurix. James Fallows. When the bankruptcy occurred in December, more than a dozen pieces had been collected, costing in the millions, and the committee was in the process of reviewing proposals by artists for solicited pieces as well. It was an out of court settlement. Pai left Enron with over $280 million after selling a substantial amount of his shares. Davis is now an attorney in the Los Angeles office of Loeb & Loeb law firm, where he advises companies, nonprofits and schools. Sherron Watkins, the whistleblower who started it all. During his tenure as CEO, Lou earned approximately $100 million in salary alone. Home; About Us. Lou Pai might be the only person in history who actually managed to make $280 million by having an affair with a stripper, getting her pregnant and then losing both his marriage and his extremely high paying corporate job. River Oaks. 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