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Illinois warrant issued for former board of trade chairman

Illinois warrant issued for former board of trade chairman

A former chairman of the Chicago Board of Trade has fled to Italy or Switzerland, in what appears to be an attempt to avoid alimony and child support payments. When reached on his cell phone, the man admits that he is in Europe and stated, "I am an Italian citizen," but refused to talk about the money that he allegedly owes his child or his ex-wife.

Media sources report that a civil court judge in Cook County has issued the civil equivalent of an arrest warrant for the man. The warrant calls for the 77-year-old former chairman to be jailed until he pays his former wife $288,983. According to the Chicago Sun-Times, the man has ignored numerous court orders related to his divorce and has been ordered to pay his ex-wife more than $18 million.

The man is also wanted under a criminal arrest warrant for failure to pay child support. The warrant was issued on Apr. 10 and his bail was set at almost $25,000.

For the benefit of a child, during the process of a divorce, parents may enter into a child support agreement in order to maintain the child's standard of living following the separation. An attorney may be able to assist the parents with constructing an equitable child support agreement and may be able to hold a parent who does not pay in contempt. An attorney may also be able to help parents modify their current agreement should their financial situations change as a result of shifts in job and marital status.

Source: CNBC, "Ex-CBOT chief In Europe after warrant issued", October 07, 2013


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