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. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Lou worked for the federal government in the 1970s before joining Enron. The South African Gas Development Company. "And it was fun because it took about two minutes to do a deal.". He now works in Houston for another ex-Enron hotshot, John Arnold, who started a hedge fund after Enron's collapse. Lou Pai's Wife & Children. 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. She holds an American nationality. The pair is now raising thoroughbreds Lou Pai's Wife Forced Him to Sell His $270M Enron Stake 6 Months Before Ponzi Scheme Went BankruptVideo Host: Michael SikandFollow Michael TikTok - http. Fastow -- who is still residing in his Southampton house while his new one is under construction -- bought one of the larger houses on his block, a red-brick structure with white trim and a second-floor balcony. 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. The bottom 5 percent could expect to be sent to the redeployment office, also known as the "office of shame," where they got a phone and a desk and a chance to be rehired by another division. 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. 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. 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. 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. 2021 He would conduct meetings at the strip club and treat the top performing salesman with wild back room parties that were all funded by his Enron corporate expense account. Pai ran Enrons retail energy unit, arriving at the company after stints at ConocoPhillips and DuPont. Pai joined Enron in 1987, when it was just a regional energy supplier. This is new territory for me.". According to the wiki, she marriedLou Lung Paiin 2001 and is still going strong. Lou would reportedly visit a particular Houston strip club (located not far from Enron's world headquarters) every night after work. Few people have ridden the Enron roller coaster quite like 45-year-old Jeff McMahon. After the divorce from his first wife was finalized Lou Pai did end up marrying the exotic dancer he impregnated, Melanie Fewell. Morningstar, Inc. All Rights Reserved. Funky, humorous -- at times even described as adolescent in their approach to design -- the Art Guys did the bedroom with a folk art approach, with lots of color and a focus on lips. Photographer: F. CARTER SMITH/Bloomberg, Jeffrey Skilling at the Bob Casey Federal Courthouse in Houston, Texas, in 2006. (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. There have to be plenty more anecdotes where that came from, once Whalley takes the stand -- or there would be, if he ever does. Eventually nicknamed "rank-and-yank," the system inspired all sorts of internal drama and sabotage. Pai was a founder and is a former chairman of Element Markets, a renewable-energy consulting firm. Lou Pai: The Only Guy Whos Ever Been Lucky to Get Divorced, the only guy whos ever been lucky to get divorced.. She and her husband have operated Canaan Ranch together and used to train and raise dressage horses. 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. Lou Pai was born in Nanjing, China in 1946 and moved to the United States with his family at the age of two. EES spent a small fortune on advertisements around the country attempting to sell people on the idea of buying all their energy directly in one place. He was notorious for his. Some experts consider it a pop masterpiece. "If we're going to show a work," Walker says, "we usually get permission to exhibit it, and I don't know who to get permission from now. "The worst people could say of him. The employees and retirees lost a great deal of their pension and benefits. If ever there were a juicy government target, Lou Lung Pai would seem to be it. From March 1997 until January 2001, he was CEO of Enron Energy Services and from February 2001 until June 2001, he was CEO of Enron Xcelerator, a venture capital division of Enron. Melanie Pai was born in 1963 in Houston, Texas, United America. His sister is Sue Pai Yang, the first Asian American appointed to be a New Jersey Workers' Compensation judge. A former Army tank commander, he joined Enron in the early 1990s and soon became a trading-floor star, eventually running the whole trading operation. I bet those guys would get along very well. Lovely Mimi New Boyfriend Bio, Wiki, Age, Arrest, Husband, Divorce, Kids Net Worth. It's for sale now, one of so many gems coated in the ashes of Enron's collapse. Not only that, around this same time Enron had just about reached their limit of Lou's strip club expenses and the secret disaster that EES had become. 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. [, On July 30, 2008, Pai agreed to resolve the civil. To stabilize the situation, he authorized the state to buy expensive power contracts that were paid off by customers over 20 years. The reasons for his resignation from Enron remain shrouded in mystery. His neighbors reportedly referred to the ranch as "Mount Pai". The neighborhood where the rich live in Houston. So he then married Melanie and she quit her . But things went off the rails asexecutives put together obscure financial instruments that ultimately became ticking time bombs. Glisan said Whalley knew it was wrong to be using reserves as an earnings-management cookie jar. Davis, a Democrat, blamed Enron for gaming Californias power market and contributing to the blackouts that roiled the state. His then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce upon learning of the affair. Because strippers are absolute Zen masters when it comes to extracting money from men. Pai was born in Nanjing, China and came to the United States at the age of two. . 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. Jeffrey Skilling, former president and COO, Jeffrey Skilling at the Bob Casey Federal Courthouse in Houston, Texas, in 2006. Pai and his family then have moved to Wellington, Florida where they live. He left Enron with over $250 million. Lou is 74 years old as of 2021, he was born in1947, in Nanjing, China. Mark was also lucky. Rebecca Mark, who built Enrons water business. On December 2, 2001, Enron filed for bankruptcy. 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. Pai obtained both his B.S. Mar 28, 2009 Update on Xobni, Lou Pai (updated!) How much money did Lou Pai finally wind up with? Photographer: David McNew/Getty Images North America, (Photographer: David McNew/Getty /David McNew), Joe Bidens Immigration Reforms Deserve a Chance to Work, US Teens Feel Down, But the Adults Arent All Right Either, Donald Trumps Border Wall Settles Into a Strange, Costly Afterlife, North Americas Three Amigos Are Off-Key, A Masayoshi Son Buyout of SoftBank Would Look More Like Elon Musk Than Michael Dell. 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. 2023 Celebrity Net Worth / All Rights Reserved. Upon learning of the affair, Pai's then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce. Prior to the companys demise, Pai cashed out $270 million in stock, divorced his wife, and wed an exotic dancer. 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. Two months later, on August 15, 2001, Enron's share price sunk to $42. 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. No more high paying job, his stripper girlfriend was pregnant, his marriage was destroyed and divorce proceedings were underway. Louis a Chinease-Amercian businessman and former Enrone executive. Shortly before Enron went belly up Lou Pais wife at the time filed for divorce, and her timing could not have been more perfect. Sounds insane right? Nor will some other highly colorful players in the Enron saga show their faces inside the courtroom. in economics from the University of Maryland, College Park, where Lous father, Shih-I Pai, was an aeronautics professor. But it sure isn't fraud," says Jeffrey. Carter Smith). Money, and a peculiar fascination with strippers.". Despite being one of the companys top executives, the cause of his leaving is still unknown; theories range from a quarrel with Jeff Skilling to a desire to found his own business. Extremely introverted. The Stray Season 2 - Is It Renewed Or Cancelled? Enron's all time highest price was $90.56 a share in August 2000. Cable News Network. So I guess technically he voluntary gave up the $30 million, but he did it to avoid further suits or prosecution. Lou Lung Pai (Chinese: . Davis is now an attorney in the Los Angeles office of Loeb & Loeb law firm, where he advises companies, nonprofits and schools. CARTER SMITH). They also frequently made their way over to Advantage BMW. and M.S. As a member of the Enron Task Force, Weissmann led the prosecution of accounting firm Arthur Andersenand then became director of the unit. This massive gap, Fastow testified, would have been "devastating information to disclose to the public.". The two major pieces, the Puryear and the Judd, were never installed in Enron's headquarters. Some pieces, he says, were never delivered, and remain at different galleries and studios. 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. 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. Lou was born in 1947, in Nanjing, China, and came to the United States at the age of 2 years. "They wanted the work to be contemporary and adventurous -- the work was supposed to reflect Enron's culture," Walker says. 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". Press question mark to learn the rest of the keyboard shortcuts. It's safe to assume Whalley has made millions too. The gas bank, as it became known, reduced Enrons own exposure to fluctuating prices and spurred its growth through the 1990s. He is now back in the energy world, according to areportthat quotes unnamed people. He also had a legendary fondness for strippers, and was a frequent habitue of a Houston topless club called Rick's Cabaret. Secret Masonic-like super hero ninjas who will slip into his evil world and finish hi moogooguypan. Natalie Pai isa rising star in dressage andthe youngest competitor in history to bring two horsesto compete at the Festival of Champions. The deceptive practices of its executives, some of whom served jail time,helped spur the passage of federal laws and regulations designed to improve the accuracy of financial reporting.Enrons misdeeds in energyits traders were found to have manipulated Californias recently deregulated electricity market, helping spark a crisis that led to sky-high power prices and rotating blackoutsultimately led to the downfall of the states governor. (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. They lived a life of perks and privilege, and they knew it. 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. And for those young people who made it, Enron was unreal. And it wasn't enough to have one gleaming tower in downtown Houston. Pai's frequent strip club visits during his time at Enron proved to be a blessing in disguise. Video Lou Pai. degree in economics. No one expects them to attend anymore. The one he's keeping? Unfortunately, the implementation of EES' ambitious goals turned out to be a huge disaster. And Kopper and his partner William Dodson opted for a postmodern abode -- boxy, all white and beige and glass and hard angles. Pai, 59, continues to live in Houston with the ex-stripper -- now his wife -- and is considering launching a small energy business, according to his lawyer. It wasn't enough for Lay to have one house in Aspen, he had to have four. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. 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. 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