On the losers’ side, Larry Wilcox, former CHiPS motorcycle cop, has finally been busted for running a penny stock scam. Glad to hear it, and I hope he gets out, penniless, when he’s 79 or so.
On the winners’ side, Larry Hagman, Ol’ J.R. in “Dallas”, whacked Citigroup with a $11.6 million arbitration award, $10 million of which will go to Larry’s favorite charities. The only frustrating aspect of this latter case is that Hagman prevailed on the very claim that so many fleeced investors lose on: they were all conservative investors, and said so when opening accounts, and brokers proceeded to ignore that and run for the commissions. My clients, if they were lucky, got back what they lost and then had to pay me. Hagman was awarded his full losses, a $1 million or so, plus attorney’s fees of $400,000 +, and the punitives.
Hagman deserved every penny of that award; I just hope that, moving forward, the FINRA arbitrators will afford the same relief to defrauded investors who aren’t television stars.