Former exec to pay $31.5 million
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A former top executive of collapsed Enron Corp. is paying $31.5 million in fines and restitution to settle charges that he used inside information to profit illegally from sales of thousands of shares of company stock in 2001.
The Securities and Exchange Commission said the deal with Lou L. Pai, who headed Enron’s retail energy division, is one of the largest ever with an individual for alleged illegal insider trading.
The SEC gave Pai credit for $6 million he previously paid to Enron shareholders.
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