Ironically California Highway Patrol weren't who busted Larry Wilcox

Larry Wilcox became famous a number of decades ago for playing a cop on “CHiPs.” In an ironic twist of fate, he has been busted by the cops himself. It was not for going too fast on a motorcycle. The agencies involved were really the Securities and Exchange Commission and the FBI. Wilcox became more seriously involved in entrepreneurial ventures after “CHiPs” and his acting career wound down. He is charged with stock fraud by the SEC. Article resource – Larry Wilcox ironically not busted by state patrol by Personal Money Store.

Chip on the shoulder for SEC by Larry Wilcox

To make the money he needed, Larry Wilcox did more than just acting. One of his most recent ventures, UC Hub Group Inc., attracted the attention of the SEC and the FBI. He is being charged with a kickback scheme on more than just this business. According to the SEC, kickbacks were given in exchange for getting stock. This was given to pension fund managers and stock brokers. Larry Wilcox, “CHiPs” star from the late 70s, has not commented so far. The Los Angeles Times reports that this had been done with two other penny stock executives also.

Cops bust a fake cop

The scheme didn’t just get found out. It had been found months ago. A sting operation had been put in place to catch the kickback scheme within the act. The Larry Wilcox business wasn’t the original intention. Agents were sent undercover from the FBI and SEC to try to find fraud schemes. The SEC said the conspirators had planned their scheme to the last detail, but forgot to account for undercover agents. Wilcox, one of 12 individuals charged, will face 5 to 25 years in prison, according to CNN.

And still we must remind not to pass “go”

There have not been any comments from Erik Estrada who was Wilcox’s partner Ponch on “CHIPs” as a co-star. White collar crimes can come with real prison sentences. A judge hasn’t decided what will happen with Larry Wilcox yet.

Information from

CNN

cnn.com/2010/CRIME/10/08/california.chips.arrest/

LA Times

latimes.com/business/la-fi-chips-sec-20101008,,3330645.story