Bailey held firm right up until the court sentenced him to six months in federal prison -- six weeks of which broke him. He agreed to relinquish the stock, but he never recovered from the debacle. Bailey was disbarred, and repeated attempts to return to law have been rejected. As for Duboc, the three-year sentence he was going to get in exchange for turning over his assets never happened, and he's currently serving a life sentence. Maybe he should have hired a better lawyer.
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An Executive Dodged The Enron Scandal By Getting A Stripper Pregnant
2001 was a simpler time. Bush was president, boy bands dominated the radio, and people still went to jail for financial crimes. That's when energy company Enron was caught cooking the books to inflate their value and hide their many debts. When the truth came out, Enron's stock tanked and anyone who had invested in the company (like the low-level employees who had been encouraged to put their retirement savings there) found themselves broke.
Billions of dollars vanished, but at least many of the bigwigs responsible for the fraud served jail time. But one lucky executive, Lou Pai, managed to both avoid jail and keep hundreds of millions for himself. How did he pull that off? Brilliant foresight? A tip-off from a friend in the government? A sudden change of heart about his shady business practices? Nope, he knocked up a stripper.
Less than a year before the fallout, Pai got his mistress pregnant, and his wife divorced him over it. As part of the settlement, Pai had to sell off his Enron stock, which netted him about 280 million sweaty, glittery dollar bills. Here, for once, Pai pulled out at the perfect time. When he sold his stock in the spring of 2001, a share in Enron was worth $54. By December, a share was worth 40 cents.