A house so close to the Lays' luxe apartment building that the shadow practically falls across Kopper's lawn. Lou Lung Pai ( Chinese: ; pinyin: Bi Lulng) (born 23 June 1947) is a Chinese-American businessman and former Enron executive. He was indicted in 2004 by a grand jury for his role in wide-ranging schemes to defraud the public and accused by regulators of reaping more than $90 million in ill-gotten gains from selling stock. Of course, most Enron employees weren't the ones going on the ski weekends to Beaver Creek, Colo., or flying in one of the company's corporate jets -- there was a fleet of them stored in a private hangar at Bush Intercontinental Airport. . As long as they stay in the shadows they are. Once, they climbed the glaciers in Patagonia. By pleading the 5th Pai has kept himself from testifying in the trials of other Enron executives, and has avoided being charged himself. It is one of the largest settlements in the history of the SEC's enforcement program dealing with an individual for alleged insider trading. The deal went like this: Merrill Lynch agreed to buy three Nigerian power barges from Enron near the end of a quarter, after receiving a verbal guarantee that the barges would be repurchased six months later at a guaranteed profit. Your email address will not be published. Pai's frequent strip club visits during his time at Enron proved to be a blessing in disguise. It was probably hard to do because at the time, Enron was absolutely kicking ass as a company and as a stock. In 2008, Pai settled insider trading charges and agreed to pay regulators $31.5 million. As a member of the Enron Task Force, Weissmann led the prosecution of accounting firm Arthur Andersenand then became director of the unit. A few months back I went to a strip club for a bachelor party. As Enron was falling apart at the seems, and serious questions were being asked about the conduct of top Enron executives, Pai was given the perfect excuse to unload all of his holdings n Enron. The Fast Track The trip was to Mexico, to race motorcycles in the famed Baja 1000. These topics have nothing in common apart from a sort of odd orthographic. Photographer: F. Carter Smith/Bloomberg, Gray Davis speaks at an anti-recall rally in San Jose, California, in 2003. Glisan said Whalley knew it was wrong to be using reserves as an earnings-management cookie jar. The answer is timing so perfect it almost seemed planned. Copyright 2023 DotComStories | Powered by Astra WordPress Theme, https://dotcomstories.com/author/divesh-solanki/. In Enron's glory years, Whalley's close friend and rival was David Delainey, who in 2003 pled guilty to insider trading and gave some of the government's most powerful testimony against Lay and Skilling. We will update this section when the information is available. "They wanted the work to be contemporary and adventurous -- the work was supposed to reflect Enron's culture," Walker says. In 2008, Pai settled insider trading charges and agreed to pay regulators $31.5 million. (FORTUNE Magazine) - One of the the jaw-dropping moments in the trial of former CEOs Ken Lay and Jeff Skilling came when former CFO Andy Fastow discussed the road show that Enron executives set up to reassure skittish investors right after Skilling's abrupt resignation in August 2001. 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. That is.inside the office. They later moved from Sugar Land, Texas, to Middleburg, Virginia, and opened a second Canaan Ranch there, but as of 2014, it is up for sale. This time, they booked a trip with the Chris Haines Motorcycle Adventure Co., a Mexico-based tour group. CARTER SMITH). At the Museum of Fine Arts, a $575,000 soft sculpture by Claes Oldenburg -- a part of Enron's corporate art collection -- is stored in a crate. He also testified that in October 2001 he and Whalley were having a drink when the topic of the buried losses came up. Pai exercised his 5th Amendment rights in regard to the subsequent Enron class action lawsuits and was not charged with any criminal wrongdoing in the Lawsuits regarding the Enron scandal. Lou, during his Enron time, used to visit a strip club, and his affair story began there with stripper Melanie and which led to Melanie being pregnant. So he then married Melanieand she quit her job as an exotic dancer. But unlike Glisan and Fastow, McMahon has avoided prosecution, despite his significant role in one of Enron's most infamous deals: the Nigerian barge case. Formed in 1985, Enron rose to prominence throughout the 1990sas an energy supplier and trading powerhouse with far-flung holdings including natural gas pipelines and utilities. The Oldenburg, called "Soft Light Switches," is a red-vinyl version of the traditional double light switch. But things went off the rails asexecutives put together obscure financial instruments that ultimately became ticking time bombs. And before all three men -- Skilling, Fastow and Kopper -- bought new properties, tore down the existing structures, and started building their dream houses. And in Aspen, Colo., two of the four properties once owned by former Enron chairman Ken Lay are under contract -- one a "cottage" that sold for $10 million, which works out to an Aspen real estate record $3,330 per square foot. These are the homes he's trying to unload now, as he scrambles to pay back multi-millions in debt. Create an account to follow your favorite communities and start taking part in conversations. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. . James Fallows. Watkins is now executive in residence at the McCoy College of Business at Texas State University and teaches a course at UNCs Kenan-Flagler Business School, she told Bloomberg News. When Lou's wife found out about the pregnancy, she filed for divorce. (, NBA confirms L.A. Clippers sale to ex-Microsoft CEO Steve Ballmer, FBI and SEC probe into Carl Icahn and golfer Phil Mickelson, Skilling sentence likely to be a long one, JPMorgan dramatically slashes Tesla's stock price forecast, Greece is finally done with its epic bailout binge, Europe is preparing another crackdown on Big Tech, SoftBank and Toyota want driverless cars to change the world, Barnes & Noble stock soars 20% as it explores a sale, Why it's time for investors to go on the defense. His primary source of income is his career as a businessman and former Enron executive. When I walked out, not only was all my cash gone, but the only thing left in my wallet was an ATM receipt for the additional $60 I withdrew while inside the club (with a $5 strip club ATM fee). and a M.S. One of the horses he bought for her is named Gucci. Upon learning of the affair, Pai's then-wife of over 20 years Lanna, with whom he has two children, filed for divorce. Your email address will not be published. Jan 2008 - Jun 20124 years 6 months. CARTER SMITH). His father was a math professor at the University of Maryland, Collage Park, where Lou would eventually earn both a B.S. Lay loved real estate ventures. During a three week period between May 18 and June 7 of 2001, Lou sold off every single share he had ever been granted. Lou Pai's wife of 20 years, Lanna Pai, whom he had two children with, filed for divorce after she found out about the affair. 15 Taissa Farmiga Movies and TV Shows That Prove She's As Good As Her Sister Vera Farmiga, Netflix's We Have a Ghost (2023) Ending Explained. "The worst people could say of him. Andrew Weissmann, former federal prosecutor who led the investigating task force. Gov. Lou was born in 1947, in Nanjing, China, and came to the United States at the age of 2 years. When times were good, Lou Pai also had a reputation for enjoying the Houston-area strip clubs. According to Fastow, Skilling "didn't disagree" that Enron's international businesses "were generally a disaster. However, details regarding his actual height and other body measurements are currently not publicly available. So I guess technically he voluntary gave up the $30 million, but he did it to avoid further suits or prosecution. Well, considering what happened next, I don't really think you can believe Karma had any impact on Lou Pai. He appears to be quite tall in stature if his photos, relative to his surroundings, are anything to go by. Her father's name is Dr. Robert Miller and her mother's name is Dianne Miller. Pai obtained both his B.S. Melanie fewell lou pai wife The divorce was the result of Lou Pye's affair with Melanie Fewell, who was a stripper and got her pregnant. 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. Pais resignation from Enron and his reasons for doing so remain shrouded in mystery. Davis Stumps Across CalfiorniaGray Davis speaks at an anti-recall rally in San Jose, California, in 2003. Mar 28, 2009 Update on Xobni, Lou Pai (updated!) And, from the looks of life in Houston these days, it still is. Where, for example, is Lou Pai, the enigmatic Jeff Skilling confidant with a passion for strip clubs who netted $200 million from Enron stock -- more even than Ken Lay? View Melanie Pai's profile on LinkedIn, the world's largest professional community. Pai ran Enrons retail energy unit, arriving at the company after stints at ConocoPhillips and DuPont. The two major pieces, the Puryear and the Judd, were never installed in Enron's headquarters. Pai was later cast in news reports as a symbol of Enrons excess, with an alleged fondness for corporate jets and strip clubs. His then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce upon learning of the affair. Pai and Fewell married, after the divorce. It looks like you aren't allowed to do that. When you put it all together, Lou Pai is one of the luckiest people on the planet. 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). The reasons we probably won't be seeing these people as witnesses -- let alone as criminal defendants -- range from legal strategy to simple luck. So where's Whalley? Pai was not charged with any criminal wrongdoing in the Enron scandal and exercised his Fifth Amendment rights in regard to the subsequent Enron cl* action lawsuits. Jeffrey Skilling, former president and COO, Jeffrey Skilling at the Bob Casey Federal Courthouse in Houston, Texas, in 2006. You won't see him hanging around the courthouse. As the company grew and took on ever riskier propositions, the strain showed inside the building. Cable News Network. All the Enron employees know is that one of Skilling's Boys came home from that adventure with a broken leg. Melanieis a happily married woman. . He now works in Houston for another ex-Enron hotshot, John Arnold, who started a hedge fund after Enron's collapse. He didnt admit wrongdoing, and he wasnt charged criminally. [3] Some pieces, he says, were never delivered, and remain at different galleries and studios. Louis a Chinease-Amercian businessman and former Enrone executive. 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. Accounts of the Enron scandal have frequently portrayed him as a mysterious figure; a former Enron employee, interviewed in the 2005 do*entary film Enron: The Smartest Guys in the Room, referred to Pai as "the invisible CEO". She sold more than $80 million worth of Enron stock near its high. Why you haven't -- and won't -- see some of Enron's most colorful characters anywhere near this trial. (The government has ruthlessly narrowed its case, never calling two witnesses when one might do.). In order to pay the costly financial terms of his divorce settlement, Lou Pai was forced to cash out 100% of his Enron stock. And a horse so famous it was invited to perform at Linda McCartney's funeral. Another time, it was off-road racing in Land Cruisers in the Australian outback. Fastow, seen as one of the chief architects of using off-book partnerships to conceal billions of dollars of losses and debt, pled guilty to securities and wire fraud in 2004 and wassentenced to six years in prison. Think of it like this: Right now the amount you pay for gas or electricity is a fairly fixed rate that is set by a utility company that is probably a pseudo-government entity. So the group bought a Bridget Riley and a Bill Viola projection piece, the Oldenburg and an important Mark Puryear titled "Bowers" that went for nearly $700,000 at auction. She has a sister name Debby Kluepfel. As one of the anchors, they purchased a piece by famed minimalist Donald Judd. "That was the world they lived in," he says. 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 was CEO of Enron Energy Services from March 1997 until January 2001 and CEO of Enron Xcelerator, a venture capital division of Enron, from February 2001 until June 2001. In the year 1987, he joined Enron when it was just a regional energy supplier. Pai's frequent strip club visits during his time at Enron proved to be a blessing in disguise. On the other hand, can you imagine a bizarro-world reality where instead of taking money from you, a stripper actually ended up saving you a bunch of money? Fastow is building something that looks like a country manor, almost Tudor-ish. And not a few hundred dollars, not a few thousand, not a few million, but HUNDREDS of MILLIONS of dollars??? "We thought we could change the world, we really did," said one high-ranking young executive. He also had a legendary fondness for strippers, and was a frequent habitue of a Houston topless club called Rick's Cabaret. When it filed for bankruptcy on Dec. 2, 2001, it was at the time the largest-ever Chapter 11 case in history, costingshareholders billions and leaving thousands of people pensionless and out of work. He was notorious for his. ----- . For all their money and presence in Houston -- the name on the baseball diamond, the frequent sponsorship of charity events -- most Enron executives weren't really a part of Houston's top society circle. Lou Pai was known to spend inordinate amounts of time during and after working hours in Houston-area strip clubs even though he was married. Find out who you might see at the Enron trial, how they got involved, and what they're doing now. One theme of the prosecution has been the abymsal state of both Enron's international assets and its water business, Azurix. Prior to the companys demise, Pai cashed out $270 million in stock, divorced his wife, and wed an exotic dancer. "Yeah, that was a little dirty," Delainey says Whalley remarked. Pai's frequent strip club visits during his time with Enron led to an affair with stripper [24] Melanie Fewell (who was also married), and resulted in a pregnancy. Despite a reputation for being extremely introverted, taciturn, and reclusive around the office, Pai also came to symbolize the legendary lavishness and excesses of Enron's corporate culture. Within a decade, both Enron and Lou Pai were rising stars. During Lou's time with Enron, his regular strip club visits began to an affair with stripper Melanie Fewell (who was also married) as well resulted in a pregnancy. They have three. Nor will some other highly colorful players in the Enron saga show their faces inside the courtroom. 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. There was no cap to the bonuses, which could get as high as $1 million. Pai picked up 77,500 acres (along with some partners) in southern Colorado -- land that former shareholders and employees are trying to attach in their lawsuits. Together, with their newborn child, the couple moved to Colorado where Lou became the second largest land. Natalie Pai isa rising star in dressage andthe youngest competitor in history to bring two horsesto compete at the Festival of Champions. No more high paying job, his stripper girlfriend was pregnant, his marriage was destroyed and divorce proceedings were underway. But before shit hit the fan for both EES and Enron, Lou Pai was one of the most important and highest paid people at the company. 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. Being a binge-watcher himself, finding Content to write about comes naturally to Divesh. In the time since, Pai went on to become on of the largest landowners in Colorado, where he lived for a time with his new wife, the former stripper, Melanie Fewell [Pai]. If only all of Enron's former executives could recycle their reputations. Lou would reportedly visit a particular Houston strip club (located not far from Enron's world headquarters) every night after work. For More Arnold's fund, started with $8 million of his own money, has performed spectacularly and now has some $1.5 billion in assets. Pai was born in Nanjing, China and came to the United States at the age of two. Pai left Enron with over $280 million after selling a substantial amount of his shares. Pai has been on the defense's witness list, but don't expect to see him on the stand; he took the Fifth in the Enron class-action civil suit. "And it was fun because it took about two minutes to do a deal.". Lou Pai: The Only Guy Whos Ever Been Lucky to Get Divorced, the only guy whos ever been lucky to get divorced.. Although there has been extensive testimony about EES's problems -- Delainey, who replaced Pai in early 2001, called it a "basket case" -- the allegations of fraud at EES primarily involve later events, such as the transfer of EES losses into the wholesale division and public assurances about the business's success. 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. His then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce upon learning of the affair. However, Pai forfeited $6 million due to him from Enrons insurance policy for company officers to a fund for Enron shareholders as a result of the lawsuit. Lou is alive and in good health. A jury convicted him but charges were dropped after he died at the age of 64 in July 2006 while vacationing, justmonths before his sentencing was slated to take place. Through Element, Pai has invested in pollution emissions credits. Upon learning of the affair, Pai's then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce. Marshals to the Bob Casey Federal Courthouse in Houston, Texas, in 2006. Go melanie fewell lou pai wife state of both Enron and Lou Pai ( updated! Park, where Lou became second! The Oldenburg, called `` Soft Light Switches, '' is a red-vinyl version the. $ 30 million, but he did it to avoid further suits or prosecution him hanging the! Was no cap to the United States at the company grew and took on ever riskier,... 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