A Smith Barney broker, Lisa Detanna, put Hagman and his wife, Maj, now 82, into a life insurance policy with annual premiums of $168,000, according to the Finra statement of claim. The Hagmans also told Detanna in 2005 that they needed income-producing investments that would protect their principal, according to the claim. By June 2008, their accounts were about 69% invested in equities.
The arbitration board said it enforces punitive damages under its authority if a company "has engaged in serious misconduct," according to the ruling. The board didn't provide a reason for its decision.
Hagman has appeared in movies and television shows for more than 50 years, according to the website IMDB.com. He played Anthony Nelson in the TV show "I Dream of Jeannie" and was nominated for two Emmy awards and four Golden Globes for his role in "Dallas."