--- title: "Enron — Michael Kopper: Chewco, LJM and Southampton" language: en canonical: https://dossiertwist.com/dossiers/enron/participants/michael-kopper/ as_of: 2026-10-15 keywords: ["Enron","Enron Creditors Recovery Corp.","LJM","Chewco","JEDI","Raptor","Arthur Andersen","Andrew Fastow","Kenneth Lay","Jeffrey Skilling","structured finance","bankruptcy","California electricity","accounting restatement"] --- # Enron — Michael Kopper: Chewco, LJM and Southampton - Also known as: Michael Kopper **Question.** What did Kopper control and how were his cases resolved? **Answer.** Kopper worked under Fastow and had roles in Chewco, Southampton and LJM. He pleaded guilty to conspiracy and agreed to recovery and cooperation measures. ## Roles and the dated record - Analysis: Kopper’s Chewco role was central to the distinction between apparent outside investment and employee-linked control. He invested in and managed Chewco’s general partner while working under Fastow. The Powers report described substantial benefits to Kopper and his co-investor but did not attribute every partnership distribution to Kopper personally. [s-doc13] [s-doc7] - Analysis: Enron said Kopper acquired Fastow’s LJM interests in July 2001 after resigning. His Southampton investments and participation in the Rhythms unwind were another role, involving value transferred to employee investors and allegations about the price paid for NatWest’s interest. Those relationships do not justify treating every person around LJM as sharing the same conduct. [s-doc7] [s-doc13] [s-doc106] [s-doc107] - Analysis: Kopper pleaded guilty to wire-fraud and money-laundering conspiracies in August 2002 and agreed to cooperate. His separate SEC settlement, entered without admitting or denying its civil allegations, provided a permanent injunction, officer-and-director bar and approximately $12 million recovery or forfeiture. He received a 37-month prison sentence in autumn 2006. [s-doc280] [s-doc107] [s-doc138] ## Sources - [s-doc13] Company statement source · s-doc13 - [s-doc7] Company statement source · s-doc7 - [s-doc106] SEC charges Andrew S. Fastow with fraud — Litigation Release 17762, U.S. Securities and Exchange Commission - [s-doc107] SEC charges Michael J. Kopper and announces settlement — Litigation Release 17692, U.S. Securities and Exchange Commission - [s-doc280] #08-21-02: Statement of Deputy Attorney General LARRY D. THOMPSON Kopper Plea/Forfeiture/Freeze Press Conference August 21, 2002 Washington, DC, U.S. Department of Justice - [s-doc138] Media source · s-doc138