Patrick H. Arbor

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Patrick H. Arbor
Pat Arbor.jpg
Location Cook County Jail

Patrick Arbor is a former futures industry brokerage executive, trader and exchange official[1] who was the longest-running chairman in the history of the Chicago Board of Trade, serving for three terms from 1993 to 1998.[2] [3][4]

Until 2008, he was a principal in Shatkin Arbor, Inc., a CBOT (CME Group) member clearing firm that services local traders which clears through RCG.

In December of 2011, Arbor called for the creation of a futures insurance security corporation to protect customer accounts in light of the MF Global bankruptcy.[5]

Background

A Chicago native who began his career as a math teacher, Arbor joined the CBOT in 1965, spending a number of years as an independent trader.

In 1982 he was first elected to the CBOT's board of directors. He served as vice chairman from 1986 to 1988 and as chairman from 1993 to 1999. He led the exchange’s construction of a new agricultural floor completed in 1982 and a new financial floor in 1997. During his tenure the CBOT adopted handheld order routing systems. It was also under his leadership that the CBOT formed a partnership with Eurex to provide an electronic trading platform for Treasury futures, a decisive change of course in the exchange’s history.[6]

Arbor won a tightly contested election as chairman of the CBOT in 1992, beating out then CBOT vice chairman Dale Lorenzen. Arbor campaigned based on a promise to build a new trading floor for the exchanges financial contracts.

In 2007, Arbor was inducted into the Futures Industry Association Futures Hall of Fame.

Arbor is a member of the board of directors and board of regents of Mercy Home for Boys & Girls.[7] [8]

Arbor has written numerous articles on finance for professional and academic journals. He is a mountain climber who has climbed some of the world's highest peaks. He has three children and six grandchildren.

Legal Troubles

In October of 2013, a newspaper report alleged that Arbor had fled the United States in order avoid paying millions of dollars to his ex-wife, Antoinette Vigilante.[9] Reuters contacted Arbor via telephone, where he said, "I'm in Europe. I'm an Italian citizen." On October 7, 2013, a judge in Cook County, Illinois issued a civil-court equivalent of an arrest warrant for Arbor. The warrant called for Arbor to be jailed until he paid $288,983 to Vigilante. He was ordered to pay over $18 million to Vigilante, but repeatedly ignored the judge's order.

He was arrested in Boston in May 2018 as he prepared to board a flight to Rome[10] and was extradited to the Cermak Hospital unit of the Cook County (Chicago) jail on a civil contempt of court charge stemming from the divorce.[11] He was released from jail on Valentine's Day, February 14, 2019 after reaching a financial settlement with his ex-wife that ended their long divorce battle.[12]

Arbor was also wanted by law enforcement under a criminal arrest warrant that was issued on April 10, 2013 in a child support case.[13] A Cook County judge also determined Arbor transferred $13 million to offshore accounts as an attempt to keep money away from Vigilante during the divorce proceedings. According to a report, Arbor appeared to control $55 million in total assets, almost double what he told the courts he owned.[14]

Education

Arbor attended Loyola University in Chicago.[15]

Registration Information

  • Patrick H Arbor - NFA ID 0074887
  • Shatkin Arbor Inc - NFA ID 0228686

Testimony

External Links

References

  1. About Shatkin Abor. Shatkin Arbor.
  2. About Us. Arbor Investments Inc..
  3. Bronstein, Arlene Michlin (2008) My Word is My Bond: Voices From Inside the Chicago Board of Trade, John Wiley & Sons, Inc. ISBN 978-0-470-23898-1
  4. Arbor Cbot`s New Chief. Chicago Tribune.
  5. OpEd: MF Global fiasco shows need for creating FISC. Crain's Chicago Business.
  6. "Patrick H. Arbor”. www.futuresindustry.org.
  7. Board of Directors. Mercy Home for Boys & Girls.
  8. Board of Regents. Mercy Home for Boys & Girls.
  9. Mark Brown: Ex-CBOT chief accused of fleeing country to keep millions from ex-wife. Chicago Sun-Times.
  10. Ex-CBOT chief Patrick Arbor begins tenth week in jail as court denies release. Chicago Sun Times.
  11. ‘I’m kind of doomed,’ says ex-CBOT chairman, jailed for months in divorce fight. Chicago Sun Times.
  12. Valentine’s Day end to divorce drama: Pat Arbor ‘delighted to be out’ of jail. Chicago Sun Times.
  13. Ex-CBOT chief says he's in Europe after warrant issued. Reuters.
  14. Former CBOT chair Arbor embroiled in international divorce dispute. Chicago Business Journal.
  15. Bronstein, Arlene Michlin (2008) My Word is My Bond: Voices From Inside the Chicago Board of Trade, John Wiley & Sons, Inc. ISBN 978-0-470-23898-1