More recently, Pai and his family have moved to Wellington, Florida. Actually, Lou Pai's penchant for strip clubs wasn't a reputation, it was a legend. 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. "That was the world they lived in," he says. The name Enron is still invokedin shorthandlike Theranos,Madoff or Lehmana full two decades after its public ruin. Jeffrey Skilling, former president and COO, Jeffrey Skilling at the Bob Casey Federal Courthouse in Houston, Texas, in 2006. Working as a McKinsey consultant, Skilling came up with the idea that transformed Enron from a gas company to a broker of natural gas contracts between producers and wholesalers. The Lays -- who have long been involved in some of Houston's biggest charities -- haven't been seen out much lately. There have been no reports of him being sick or having any health-related issues. rollings.us. At age 51, she manages a family cattle ranch in northern New Mexico, and is also a director of a company that sells water-purification systems to developing countries. Pai's frequent strip club visits during his time at Enron proved to be a blessing in disguise. And more importantly, how much did his wife get? Photographer: F. CARTER SMITH/Bloomberg(BLOOMBERG NEWS/F. She is the elder child of her parents. Bloomberg Its been 20 years, to the day, sinceEnron Corp.filed for bankruptcy,marking one of the most spectacular financial collapses in history and forever cementing its legacyas the poster childof corporate fraud. And Kopper and his partner William Dodson opted for a postmodern abode -- boxy, all white and beige and glass and hard angles. He might indeed be one of the few men who have ever lucky to be served divorce papers. It looks like you aren't allowed to do that. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. 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. Prominent members of the Houston art world, including Ned Rifkin -- then the head of the Menil Collection, now the director of the Hirshhorn Museum -- and Barry Walker, a curator at the Museum of Fine Arts, were recruited to be a part of the collection committee, which was headed by Lea Fastow. Pais resignation from Enron and his reasons for doing so remain shrouded in mystery. 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. Mar 28, 2009. Background. As part of the settlement, Pai was also barred from serving as an officer or director of a public company for five years. Pai was born in Nanjing, China and came to the United States at the age of two. Lovely Mimi New Boyfriend Bio, Wiki, Age, Arrest, Husband, Divorce, Kids Net Worth. It was an out of court settlement. Factset: FactSet Research Systems Inc. 2018. In fact, it is this relationship that prompted his 2000 divorce, whose settlement required the highly fortuitous unloading of most of his Enron stock before the price began to tumble. 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. In his college years, Lou was considered a mathematical genius. But he also didn't testify, after threatening to plead the Fifth. He became one of (eventual) CEO Jeffrey Skilling's top lieutenants, primarily tasked with detailing and implementing Skilling's vision of transforming Enron into a de facto energy commodities-trading firm. A house so close to the Lays' luxe apartment building that the shadow practically falls across Kopper's lawn. Privacy Policy. So he then married Melanie and she quit her . She has remarried and now goes by the name Rebecca Mark-Jusbasche. Skilling lived in a simple, square brick house with his wife and three children. 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. Nor will some other highly colorful players in the Enron saga show their faces inside the courtroom. Because strippers are absolute Zen masters when it comes to extracting money from men. 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MC Oluomos Son Slams Trolls, I Like This Madam: Female Teacher With Perfect Shape Writes on Blackboard, TikTok Video Goes Viral, 2023 UTME: JAMB Releases More Information on Candidate Registration, Nigerian man becomes lecturer to his nursery school teacher, they meet in class, Full List of Newly Approved Federal, State and Private Universities In Nigeria, Latest JAMB News on JAMB 2023, JAMB Registration 2023, 20th January 2023, 10 Budget-Friendly Cannabis Seed Options for Starting Your Garden, Key Ways for Ensuring Data Security during Cloud Migration, The Best Gadgets Youll Need for Streaming, Why Casino Providers Matter: How to Choose the Right Online Casino. Lou Lung Pai (Chinese: . He also bought a ranch in suburban Houston for his second wife, Melanie Fewell Pai, and . . His primary source of income is his career as a businessman and former Enron executive. Lou is 74 years old as of 2021, he was born in1947, in Nanjing, China. He probably thanks God every night for giving him that "peculiar fascination" with strippers! Being a binge-watcher himself, finding Content to write about comes naturally to Divesh. Find out who you might see at the Enron trial, how they got involved, and what they're doing now. On cross-examination, Skilling attorney Daniel Petrocelli asked: "So I guess what you're saying is that all these people were in on this massive fraud, right?". By getting his stripper girlfriend pregnant, he was forced to sell off every single share of Enron he ever owned. At Advantage BMW, a popular Houston shopping spot for high-end Enron employees, Cliff Baxter's name was removed -- by his request, before his suicide -- from the waiting list for a coveted 745 luxury sedan. Photographer: David McNew/Getty Images North America(Photographer: David McNew/Getty /David McNew). CARTER SMITH). After the divorce from his first wife was finalized Lou Pai did end up marrying the exotic dancer he impregnated, Melanie Fewell. The chronology of accounts and events leading up to the Enron scandal have frequently portrayed Pai as a mysterious figure. 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. It was probably hard to do because at the time, Enron was absolutely kicking ass as a company and as a stock. 2023 Celebrity Net Worth / All Rights Reserved. He didn't admit wrongdoing, and he wasn't charged criminally. And it wasn't enough to have one gleaming tower in downtown Houston. Pai was born in Nanjing, China and came to the United States at the age of two. Melanieis a happily married woman. Not long after Lou fled to Colorado, Enron slowly started to collapse as investors began to question the company's accounting practices and general business ethics. Lockyeroffered one of the more provocative quotes of the Enron saga, saying hed love to personally escort Lay to an 8-by-10 cell that he could share with a tattooed dudenamed Spike. The Stray Season 2 - Is It Renewed Or Cancelled? It is a nice neighborhood, with houses that go for around a half-million dollars, but all on small lots, with alley parking in the back. To satisfy the financial terms of his divorce settlement, Pai cashed out approximately $250 million of his Enron stock just months before the company's stock price dramatically collapsed and it filed for bankruptcy protection. 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. Mark declined to comment further when reached by phone. Scandals & Rumors. "And it was fun because it took about two minutes to do a deal.". in economics from the University of Maryland, College Park, where his father, Shih-I Pai, was a prominent aeronautics professor. Pai sold out approximately $250 million of his Enron stock to satisfy the financial terms of his divorce settlement. Known as Mark the Shark for her negotiating skills, Mark was one of the most senior female executive in the energy industry in the 1990s, rising to chief executive of Enron International and serving as a member of the companys board. One theme of the prosecution has been the abymsal state of both Enron's international assets and its water business, Azurix. 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. The energy-trading giants downfall, triggered by revelations of shady accounting practices, still reverberate throughout the business and political world today. 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. She was never accused of any involvement in the fraud that emerged in late 2001. The top 5 percent could expect to be invited to Mexico or Aspen with Skilling. Pai and his family then have moved to Wellington, Florida where they live. More recently, Pai and his family have moved to Wellington, Florida. He also bought a ranch in suburban Houston for his second wife, Melanie Fewell Pai, and set her up with a breeding and training operation for top-quality dressage horses. Richard Kinder, Lays college friendwho helped build Enron. Melanie standstall with a height of 5 feet 7 inches. Fewell married.Pai and his current wife operated Canaan Ranch, located near . Pai left Enron with over $280 million after selling a substantial amount of his shares. 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. Further, after the divorce settlement, Lou and Melanie were married. With a partner, Kinder went on to formhis ownenergy company. And not a few hundred dollars, not a few thousand, not a few million, but HUNDREDS of MILLIONS of dollars??? And Wickman -- like so many Houstonians -- just can't understand what happened in his town. Your email address will not be published. The Puryear has been lent to the Menil, and the Oldenburg to the Museum of Fine Arts. in economics from the University of Maryland, College Park, where Lous father, Shih-I Pai, was an aeronautics professor. She holds an American nationality. This scenario has insulated Pai from charges of insider trading. Hebought a publicly traded liquids pipeline company from Enron and turned it into one of the largest U.S. energy infrastructure companies in the world: Kinder Morgan Inc. Kinder is today worth $7.8 billion, ranking 346 on the Bloomberg Billionaires Index. 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. Just months later, Enrons stock prices dramatically collapsed and it filed for bankruptcy protection. Lockyer is now an attorney at the law firm Brown Rudnick. News, Melanie Fewell, Lou Pais wife and a former stripper, is well-known for having wed the former Enron executive Lou Pai. Downtown, across from Enron's gleaming corporate headquarters at 1400 Smith St., an unfinished $200 million, 40-story tower designed to be Enron's twin building sits like a shell. So where's Whalley? As a result of the lawsuit, Pai forfeited $6 million due to him from Enron's insurance policy for company officers to a fund for Enron shareholders. (Creative Commons and flickr.com/people/eflon//Eflon). He continues to neither admit nor deny the Securities and Exchange Commission claims that he sold millions of shares of Enron stock based on non-public information about the company's financial problems. Enron combined the glamour of NASA and Wall Street. 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]. 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. The Real Housewives of Atlanta The Bachelor Sister Wives 90 Day Fiance Wife Swap The Amazing Race Australia Married at First Sight The Real Housewives of Dallas My 600-lb Life Last Week Tonight with John Oliver. 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. 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. and M.S. It was a mess that got even messier when the affair resulted in a pregnancy. 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. Shareholding and Reporting Structures 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). While his other business ventures have been limited, mainly consisting of scattered investment in pollution emissions and a small energy company, Pai managed to come out of the Enron scandal relatively unscathed. Pai ran Enrons retail energy unit, arriving at the company after stints at ConocoPhillips and DuPont. Enron executives -- particularly Fastow -- envisioned this collection as one that would be mentioned in the same breath as those held by companies like Chase Manhattan and Paine Webber. 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. He also received enormous grants of valuable Enron stock. Upon learning of the affair, Pai's then-wife of over 20 years Lanna, with whom he has two children, filed for divorce. As legend has it, the strippers didn't believe such a mild mannered, almost meek, person was actually a powerful energy CEO. . This is the crazy part: It wasn't enough for former Enron president Jeffrey Skilling to hike in the Rockies, he wanted to scale glaciers in Patagonia. 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. Mar 28, 2009 Update on Xobni, Lou Pai (updated!) Upon learning of the problem, Pai's wife who is over 20 years old, Lanna, with whom she has two biological children, filed for divorce. Pai and Fewell married, after the divorce. 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. 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