The reasons we probably won't be seeing these people as witnesses -- let alone as criminal defendants -- range from legal strategy to simple luck. He was convicted by a Houston jury in 2006 of conspiracy, securities fraud, making false statements to auditors and insider trading. 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. Together, with their newborn child, the couple moved to Colorado where Lou became the second largest land holder in the entire state after purchasing a 120 square mile ranch in the Sangre de Cristo mountain range. Pai and Fewell raised and trained dressage horses on Canaan Ranch, located near metropolitan Houston. But things went off the rails asexecutives put together obscure financial instruments that ultimately became ticking time bombs. Pai has kept a low profile ever since leaving Enron. as well as M.S. Create an account to follow your favorite communities and start taking part in conversations. 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. With a partner, Kinder went on to formhis ownenergy company. Lou was born in 1947, in Nanjing, China, and came to the United States at the age of 2 years. Once, they climbed the glaciers in Patagonia. That Pai, who was married and had two children, met Melanie Fewell,. Sounds insane right? Women have paved the path for upcoming generations by shattering barriers and dispelling misconceptions and showing the world that they are capable of doing more than just being wives or mothers. But it sure isn't fraud," says Jeffrey. The top 5 percent could expect to be invited to Mexico or Aspen with Skilling. According to Bethany McLean's amazing book on the rise and fall of Enron titled "The Smartest Guys in the Room": "Only two things seemed to motivate Lou Pai. Cable News Network. 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. Lou has a net worth of $270 million as of 2021. Lou and Melanie collectively operated Canaan Ranch, which is positioned terminate to metropolitan Houston, where they grew up and trained dressage horses, and later, they moved from Sugar Land, Texas, to Middleburg, Virginia, and opened a 2nd Canaan . A house so close to the Lays' luxe apartment building that the shadow practically falls across Kopper's lawn. A few months back I went to a strip club for a bachelor party. Lou eventually became one of Enron CEO Jeff Skilling's most trusted and highest ranking executives. BTW.that $30 mil.was paid by Enrons Director / Officer liability policy..it cost Pai , nothing! Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. 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. In a move that the SEC questioned as actually a result of insider information, Pai netted himself somewhere around 300 million dollars. Required fields are marked *. All rights reserved. This includes his assets, money, and income. She is now known as Melanie Pai. Andrew Weissmann, former federal prosecutor who led the investigating task force. He was notorious for his. The employees and retirees lost a great deal of their pension and benefits. Does Internet Increase, Decrease, or Supplement SocialCapital? "Don't worry about it," Whalley responded, according to Fastow's testimony. Pai left Enron with over $280 million after selling a substantial amount of his shares. Or purchase a subscription for unlimited access to real news you can count on. Are these ghosts of Enron the luckiest people in Houston? She has a sister name Debby Kluepfel. Melanie Pai was born in 1963 in Houston, Texas, United America. 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. 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. Arriving at Enron in 1994, he preceded one key government witness (Glisan) in the role of corporate treasurer, and in October 2001 succeeded another (Fastow) in the role of CFO. In March of 1997, Lou was named CEO of a subsidiary called Enron Energy Services (EES). Claiming that he needed the money to fund his divorce, Pai sold the entirety of his shares of Enron ownership. 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. (In early 2005 she agreed to pay $5.2 million of that to settle her share of a lawsuit brought by former Enron stockholders.). In some Houston circles, the room is referred to, simply, as the Lip Room. He died of a heart attack on July 5, 2006, before his sentencing. Before Enron's stock took off, and everybody made tons of cash. And the outcomes were brutal. Lou stands at an average height. 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. He left Enron six months before it collapsed in late 2001, pocketing more than $265 million from exercising Enron options and selling stock. No more high paying job, his stripper girlfriend was pregnant, his marriage was destroyed and divorce proceedings were underway. Description above from the Wikipedia article Lou Pai, licensed under CC-BY-SA, full list of contributors on Wikipedia. After serving as the FBIs general counsel under director Robert Muellerand then chief of the Justice Departments Criminal division, he became a lead prosecutor forSpecial Counsel Muellers investigation of Russian interference in the 2016 election. They saw him not only as honest, but as someone who could right the wrongs at Enron. Upon learning of the affair, Pai's then-wife of over 20 years Lanna, with whom he has two children, filed for divorce. So he then married Melanie and she quit her . It was probably hard to do because at the time, Enron was absolutely kicking ass as a company and as a stock. Hes not currently listed among the executives on the company website, and attempts to reach him were unsuccessful. Pai's Colorado ranchland included the 14,047-foot mountain Culebra Peak. That is.inside the office. To satisfy the financial . Ken Rice -- another top Enron executive -- adored Ferraris. He is now back in the energy world, according to areportthat quotes unnamed people. Mar 28, 2009. 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. Bigger houses, better boats, new wives. iGas Mandate; Vision and Mission; Company Structure. The Lays -- who have long been involved in some of Houston's biggest charities -- haven't been seen out much lately. So he then married Melanieand she quit her job as an exotic dancer. There was no cap to the bonuses, which could get as high as $1 million. After finding this out, Lou's then-wife of over 20 years of marriage, filed for divorce. Before Fastow formed his side partnerships, enlisting Kopper's aid, and walked off with a minimum of $30 million. When I walked in, I had about $100 cash in my wallet. Pai's frequent strip club visits during his time at Enron proved to be a blessing in disguise. He joined Enron in 1987 and quickly climbed the ranks. These days, though, Walker isn't sure where all of the art is, or how it's being handled. He also snapped up several properties in Houston -- mostly older homes on blocks where massive renovations have taken place, areas clearly in the midst of major renewal. Upward Bound Only a few years ago, Skilling, Fastow, and Michael Kopper -- Fastow's lieutenant in the Enron scandal, according to conclusions drawn in the Powers report -- all lived within walking distance of one another in the quiet upper-class neighborhood called Southampton Place, which borders Rice University. Fewell married.Pai and his current wife operated Canaan Ranch, located near . He didn't admit wrongdoing, and he wasn't charged criminally. See the complete profile on LinkedIn and discover Melanie's . No one expects them to attend anymore. Secret Masonic-like super hero ninjas who will slip into his evil world and finish hi moogooguypan. 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. His sister is Sue Pai Yang, the first Asian American appointed to be a New Jersey Workers' Compensation judge. Mar 28, 2009 Update on Xobni, Lou Pai (updated!) Though married, Pai was known to spend inordinate amounts of time during and after working hours in Houston-area strip clubs, use the Enron corporate jet for personal commuting, and charge several hundred dollars worth of lunches for himself and accompanying staff to the corporate expense account until Chairman Ken Lay later prohibited it. Lou Lung Pai (Chinese: . Billing reconciliation. She also was granted the right to the couple's Houston mansion, a Houston condo and a $3 million house in Hawaii. But he also didn't testify, after threatening to plead the Fifth. Between all of the various subsidiaries of Enron that Lou Pai ran, his tenure resulted in over $1 billion in losses. 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. During a three week period between May 18 and June 7 of 2001, Lou sold off every single share he had ever been granted. (Creative Commons and flickr.com/people/eflon//Eflon). Lou Pai was a recluse. By pleading the 5th Pai has kept himself from testifying in the trials of other Enron executives, and has avoided being charged himself. And though he has been on the defense witness list for Skilling and Lay's trial, it seems highly improbable he will take the stand in Houston. Further, after the divorce settlement, Lou and Melanie were married. We will update this section when the information is available. After the divorce from his first wife was finalized Lou Pai did end up marrying the exotic dancer he impregnated, Melanie Fewell. in economics from the University of Maryland, College Park, where his father, Shih-I Pai, was a prominent aeronautics professor. 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? CARTER SMITH). They also frequently made their way over to Advantage BMW. Jan 2008 - Jun 20124 years 6 months. Lou Pai {Full name Lou Lung Pai (Chinese: ; pinyin: Bi Lulng)} is a Chinese-American businessman and former Enron executive who was born in 1947, Nanjing, China. "That's what any lawyer would advise. Skilling lived in a simple, square brick house with his wife and three children. Richard Kinder, Lays college friendwho helped build Enron. Enron was definitely a two-tier society. 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