A Lot of ’80s TV Stars Named Larry Making Financial News1st there was the news that Larry Wilcox — the half of the motorcycle duo on CHiPs that was not Erik Estrada — was charged with securities fraud. Now there’s this:
An arbitration panel ruled in favor of actor Larry Hagman in a securities case against a unit of Citigroup Inc., which was ordered to pay $1.1 million to the former star of the television show “Dallas,” and another $10 millions to charities of his choosing.
Mr. Hagman, along with various trusts and IRA accounts titled in his name, filed a claim in May 2009 against Citigroup Global Markets alleging breach of fiduciary duty, civil fraud, misrepresentation and other charges. The case was related to unspecified securities in accounts held with Citigroup and with the purchase of a life-insurance policy, according to the ruling.
As occurs in most securities-arbitration awards, the Financial Industry Regulatory Authority panel did not spell out details of the case or of the reasoning behind its decision. However, the $10 millions awarded in punitive damages suggests a conclusion of serious wrongdoing.
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