Ex-Chief Of Enron Unit Settles With SEC For $31.5M

Law360, New York (July 30, 2008, 12:00 AM EDT) -- Lou L. Pai, the former head of Enron Energy Services, has agreed to relinquish $31.5 million to settle the U.S. Securities and Exchange Commission's insider trading action against him, the agency announced Tuesday.

The lawsuit, filed in the U.S. District Court for the Southern District of Texas, accused Pai of unloading his Enron stock in May and June 2001 on nonpublic knowledge of the company's retail woes, netting millions before his departure.

In settling the lawsuit, Pai agreed to disgorge $30 million and pay a $1.5...
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