Privacy Policy. Well, believe it or not, this is exactly what happened to former Enron executive (and alleged stripper aficionado) Lou Pai. Shortly before Enron went belly up Lou Pais wife at the time filed for divorce, and her timing could not have been more perfect. [3] Evil chink. The reasons for his resignation from Enron remain shrouded in mystery. 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. This massive gap, Fastow testified, would have been "devastating information to disclose to the public.". 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. She has a sister name Debby Kluepfel. 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. Lou eventually became one of Enron CEO Jeff Skilling's most trusted and highest ranking executives. Fastow is a big patron of the arts (and his wife, Lea, comes from a well-known local family), but even before Enron self-destructed, they were not often visible on the social scene. How did his wifes discovery of his many year-long affair with a stripper, and their child out-of-wedlock, turn out to be a good thing for Pai? Do Not Sell. In August 2001, Watkins alerted Lay to problems with the companys books, warning in a memo that Enron could implode in a wave of accounting scandals. She was lauded as one of Time Magazines persons of the year in 2002 along with two other whistleblowers, Cynthia Cooper of WorldCom and the FBIs Coleen Rowley. Carter Smith). As mentioned earlier, Pai loved strippers and frequented strip clubs, which eventually led to an affair with a stripper, Melanie Fewellwho he impregnated. rollings.us. Since then, Pai has emerged as a partner in Midstream Capital Partners LLC. The total value Lou Pai was left with after every share was sold? Layfounded Enron with the merger of two regional natural gas pipeline companies and, during the subsequent 16 years, transformed the Wall Street darling into Americas most famous example of corporate greed and corruption. One such woman who is famously known for being a businessman's wife but has led her way inmaking her own identity isMelanie Pai. $280 million. But it sure isn't fraud," says Jeffrey. The traders idolized Whalley. Secret Masonic-like super hero ninjas who will slip into his evil world and finish hi moogooguypan. 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? Lou Lung Pai ( Chinese: ; pinyin: Bi Lulng) (born 23 June 1947) is a Chinese-American businessman and former Enron executive. 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. Press question mark to learn the rest of the keyboard shortcuts. Staff researcher Lynn Davis contributed to this story. 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. Richard Kinder, Lays college friendwho helped build Enron. Pai left Enron abruptly, and he has since vanished into oblivion. 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. 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. Create a free website or blog at WordPress.com. Sherron Watkins, the whistleblower who started it all. 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. Dana Carvey Net Worth : How Rich Is The American Comedian In 2023? By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. In 2008, Pai settled insider trading charges and agreed to pay regulators $31.5 million. A former Enron employee referred to Pai as the invisible CEO when he was interviewed in the 2005 documentary film Enron: The Smartest Guys in the Room. Pai was born in Nanjing, China and came to the United States at the age of two. Copyright 2021 - All right reserved People With Fame. 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. Glisan said Whalley knew it was wrong to be using reserves as an earnings-management cookie jar. 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. According to the wiki, she married Lou Lung Pai in 2001 and is still going strong. As part of the settlement, Pai was also barred from serving as an officer or director of a public company for five years. If only all of Enron's former executives could recycle their reputations. This was before they all began upgrading their lifestyles. At this point, Enron's top executives like Ken Lay and Jeff Skilling were quietly unloading massive amounts of their personal shares while simultaneously telling their own employees and outside investors that this was a GREAT time to buy more stock because Enron was sure to rebound imminently. Lou worked for the federal government in the 1970s before joining Enron. 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. This is new territory for me.". His frequent visits to strip clubs led to an affair with a stripper. As long as they stay in the shadows they are. His wife, upon finding out about it, filed for divorce. Upon learning of the affair, Pai's then-wife of over 20 years, Lanna, with whom he has two biological children, filed for divorce. A house so close to the Lays' luxe apartment building that the shadow practically falls across Kopper's lawn. The Lays -- who have long been involved in some of Houston's biggest charities -- haven't been seen out much lately. Pai was the second-largest land owner in Colorado after he purchased the 77,500-acre (314:km2) Taylor Ranch for $23 million in 1999, though he sold the property in June 2004 for $60 million. 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. 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. 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 worked for the federal government in the 1970s before joining Enron. . Your email address will not be published. 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. So how did Lou prove his identity? "Yeah, that was a little dirty," Delainey says Whalley remarked. 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. Rebecca Mark, who built Enrons water business. As one of the anchors, they purchased a piece by famed minimalist Donald Judd. "And it was fun because it took about two minutes to do a deal.". His 20-year marriage to his wife ended as a result of his hidden life, which included frequenting strip clubs to see his mistress. Melanie standstall with a height of 5 feet 7 inches. Once, they climbed the glaciers in Patagonia. It was a mess that got even messier when the affair resulted in a pregnancy. 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". Lockyer is now an attorney at the law firm Brown Rudnick. When times were good, Lou Pai also had a reputation for enjoying the Houston-area strip clubs. 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. Lou has a net worth of $270 million as of 2021. It led to an affair with stripper Melanie Fewell (who was also married) and resulted in a pregnancy. 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. and/or its affiliates. Submit a correction suggestion and help us fix it. Shewon individual gold and team silver in 2015 with Melanie Pai'sHanoveriangelding, Fritz San Tino in2014 and 2015. All rights reserved. Lou is 74 years old as of 2021, he was born in1947, in Nanjing, China. These two couples are living now inMiddleburg, Virginia. 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). 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. Hes not currently listed among the executives on the company website, and attempts to reach him were unsuccessful. Mar 28, 2009 Update on Xobni, Lou Pai (updated!) Her father's name is Dr. Robert Miller and her mother's name is Dianne Miller. . "Don't worry about it," Whalley responded, according to Fastow's testimony. 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. Lou wasn't exactly fired from Enron, but he also wasn't exactly encouraged to stay on as CEO of EES. Will the law of limited variety stand the test of time and changingenvironments? He died of a heart attack on July 5, 2006, before his sentencing. After all, bad business judgment isn't a crime -- or maybe someone else presented a better prosecution target. 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. His neighbors reportedly referred to the ranch as "Mount Pai". He was ultimatelyrecalled in 2003, with the states 2000-2001 electricity crisis fresh on voters minds. 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. Disclaimer. Why did this happen? Once again, all in the same neighborhood. CARTER SMITH). Photographer: F. Carter Smith/Bloomberg(Bloomberg News/F. (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. Photographer: F. CARTER SMITH/Bloomberg, Jeffrey Skilling at the Bob Casey Federal Courthouse in Houston, Texas, in 2006. News, The best of Latin America and the Hispanic world. Another, named Pay N Go, had previously been summoned by Paul McCartney to perform at his wife's funeral in New York. Skilling was hired to lead that effortand eventually became CEO of Enron, briefly, before quitting in July 2001 just months after taking the role. He was close to Skilling, he ran the controversial Enron Energy Services division, and he netted a mind-blowing fortune from Enron stock. Marshals to the Bob Casey Federal Courthouse in Houston, Texas, in 2006. Pai ran Enrons retail energy unit, arriving at the company after stints at ConocoPhillips and DuPont. It led to an affair with stripper Melanie Fewell (who was also married) and resulted in a pregnancy. in economics from the University of Maryland, College Park, where Lous father, Shih-I Pai, was an aeronautics professor. 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. Arnold's fund, started with $8 million of his own money, has performed spectacularly and now has some $1.5 billion in assets. A former college classmate ofLay, Kinder resigned as president of Enron in 1996 after it became clear he wouldnt become CEO. Two months later, on August 15, 2001, Enron's share price sunk to $42. They have three. "That was the kind of culture Jeff built around himself, where someone would risk their life just to get a pat on the back from him," says one former Enron executive, who requested anonymity. Who Is Lou Pai's Wife, Melanie Fewell? By November 28, 2001, Enron's share price dropped all the way down to $1. These topics have nothing in common apart from a sort of odd orthographic. (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. During his time at the now-defunct energy company, Pai was often referred to as "the . 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. Pai obtained both his B.S. It was an out of court settlement. Between all of the various subsidiaries of Enron that Lou Pai ran, his tenure resulted in over $1 billion in losses. [, On July 30, 2008, Pai agreed to resolve the civil. 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. Marshals to the Bob Casey Federal Courthouse in Houston, Texas, in 2006. 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. Following a dinner in New York City, the Enron team flew on to Boston -- everyone, that is, except Greg Whalley, the company's soon-to-be president, who had announced he was returning to Houston. . Herancestral home is in Germany. After their child was born they moved to Colorado and there Lou turned the second largest landholder after buying a 120 sq. 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. They also frequently made their way over to Advantage BMW. EES wanted to create an alternative private sector option that allowed consumers to buy energy on the free market, direct from a utility. All rights reserved. So I guess technically he voluntary gave up the $30 million, but he did it to avoid further suits or prosecution. He was convicted by a Houston jury in 2006 of conspiracy, securities fraud, making false statements to auditors and insider trading. Pai was born in Nanjing, China and came to the US at the age of 2. 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. At this point, Lou Pai must have felt like he woke up in a nightmare. His only real consequence came in 2008 when he agreed in an out of court settlement to pay $31.5 million in civil fines and restitution to Enron's investors. She is now known as Melanie Pai. Upon learning of the affair, Pai's then-wife of over 20 years Lanna, with whom he has two children, filed for divorce. 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. That was June of 2001. under which this service is provided to you. You won't see him hanging around the courthouse. . And, save for the Lays, few seemed to make much of an effort to be at the right parties or balls. Lou Lung Pai (Chinese: ; pinyin: Bi Lulng) born in Nanjing, China in 1947, is a Chinese-American businessman and former Enron executive. Reportedly, her estimated net worth is around $1 million. The reasons we probably won't be seeing these people as witnesses -- let alone as criminal defendants -- range from legal strategy to simple luck. Think strip clubs and Ferraris. 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. 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. No one expects them to attend anymore. 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. Pai's Colorado ranchland included the 14,047-foot mountain Culebra Peak. 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. Lou Pai earned his net worth through his tenure serving as the CEO of Enron Energy Services and Enron Xcelerator, a venture capital division of Enron. 5005 South Tamiami Trail Sarsasota FL 34231. In his college years, Lou was considered a mathematical genius. His primary source of income is his career as a businessman and former Enron executive. Pai was later cast in news reports as a symbol of Enrons excess, with an alleged fondness for corporate jets and strip clubs. The answer is timing so perfect it almost seemed planned. Are these ghosts of Enron the luckiest people in Houston? Age of April Kimble biography: twin, birthdate, height, who is Lyle Lovett married to? She has dark black hair and light brown eye and fair skin. "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. iGas Mandate; Vision and Mission; Company Structure. How much money did Lou Pai finally wind up with? "That was the world they lived in," he says. And Wickman -- like so many Houstonians -- just can't understand what happened in his town. 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. She holds an American nationality. The neighborhood where the rich live in Houston. Very reserved. These days, though, Walker isn't sure where all of the art is, or how it's being handled. And more importantly, how much did his wife get? You know how Lou Pai was able to sell off his entire stake in Enron at an average price of $72 a share? Davis Stumps Across CalfiorniaGray Davis speaks at an anti-recall rally in San Jose, California, in 2003. He joined Enron in 1987 and quickly climbed the ranks. 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. "It was the culture over there -- they were thoroughbreds, bred for speed.". Another time, it was off-road racing in Land Cruisers in the Australian outback. The goal of EES was to sell gas and electricity directly to personal homes and businesses a market prices. Melanie Pai was born in 1963 in Houston, Texas, United America. He's been on the defense witness list, but he would almost certainly take the Fifth if called. 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. He admitted no wrong doing and never spent a moment in handcuffs. These days, though, Wickman's son goes to work worried about how long his job will last. 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. 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. A Muddled Display Pre-printed invitations to local charity events are still arriving in the best Houston mailboxes with Ken and Linda Lay listed among the hosts. Billing reconciliation. "They knew exactly what they wanted," says Wickman, whose son still works for Enron as a trader. and a M.S. What Enron was, though, was a good corporate citizen, one that spread its money throughout the city. Scandals & Rumors. During Lous 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. "Given how aggressive the government has been, if they thought they had a case against Lou, I think they would have brought it.". Few people have ridden the Enron roller coaster quite like 45-year-old Jeff McMahon. And Kopper and his partner William Dodson opted for a postmodern abode -- boxy, all white and beige and glass and hard angles. However, details regarding his actual height and other body measurements are currently not publicly available. View Melanie Pai's profile on LinkedIn, the world's largest professional community. Yet it is Mark, along with Fastow, whom Skilling once blamed for Enron's destruction. State agencies reached a $1.52 billion settlement with Enron in 2005 to resolve allegations the company engaged in large-scale market manipulation during the energy crisis, though the state only expected to recover a fraction of that. According to Walker, the plan was to forge a collection full of new, cutting-edge pieces, along with a few examples of earlier modernist classics to work as anchors. Natalie Pai isa rising star in dressage andthe youngest competitor in history to bring two horsesto compete at the Festival of Champions. Answered all inbound calls for the dealership. Pai came to the United States aged two years. According to testimony in the 2004 trial of four Merrill Lynch and two Enron defendants (five of the six were convicted, though the verdicts are being appealed), McMahon first called Merrill about the deal. 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. Pai and his family then have moved to Wellington, Florida where they live. 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. 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 Lung Pai (Chinese: . 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. He didn't admit wrongdoing, and he wasn't charged criminally. In 2008, Pai settled insider trading charges and agreed to pay regulators $31.5 million. 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. Here are some interesting facts and body measurements you should know about Lou Pai. Where are the untouchable vigilantes out there? She pursuedher basic and secondary education at Westminister Christian Academy which wasnearby her residence. Pai and Fewell together operated Canaan Ranch, located near metropolitan Houston, where they raised and trained dressage horses. Clubs to see his mistress resigned as president of Enron 's share price sunk to $ 1 billion in.! Together operated Canaan ranch, located near metropolitan Houston, Texas, in 2003, with the States electricity. Left Enron abruptly, and he wasn & # x27 ; s wife, Melanie Fewell who... ( who was also married ) and resulted in a pregnancy news, whistleblower. Times were good, Lou Pai the Federal government in the shadows they.. 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